The jackpot for the Powerball draw on Sat Nov 2, 2024, is projected to be $54 Million, with an option for a cash payout of $25.8 Million. Should you be the lucky winner of the Powerball jackpot, anticipate the IRS to initially withhold 24% of your winnings for taxes, and be prepared that you might need to pay up to an additional 13% in federal taxes at tax time. For South Carolina residents, the state will deduct 6.9% from your lottery earnings.
South Carolina Powerball Jackpot/Cash Option for Sat Nov 2, 2024 |
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Draw Date | Sat Nov 2, 2024 | Projected Jackpot | $54,000,000 | Cash Value | $25,800,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $25,800,000 | Federal Tax(24%) | $6,192,000 | Additional Federal Tax | $3,314,330 | State Tax(6.9%) | $1,780,200 | Net Lumpsum Payment | $14,513,470 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$812,754 |
$261,049 $56,080 |
$495,625 |
2 |
$853,416 |
$276,094 $58,886 |
$518,436 |
3 |
$896,076 |
$291,879 $61,829 |
$542,368 |
4 |
$940,896 |
$308,462 $64,922 |
$567,512 |
5 |
$987,930 |
$325,864 $68,167 |
$593,899 |
6 |
$1,037,340 |
$344,146 $71,576 |
$621,618 |
7 |
$1,089,180 |
$363,327 $75,153 |
$650,700 |
8 |
$1,143,666 |
$383,487 $78,913 |
$681,266 |
9 |
$1,200,852 |
$404,646 $82,859 |
$713,347 |
10 |
$1,260,900 |
$426,863 $87,002 |
$747,035 |
11 |
$1,323,918 |
$450,180 $91,350 |
$782,388 |
12 |
$1,390,122 |
$474,676 $95,918 |
$819,528 |
13 |
$1,459,620 |
$500,390 $100,714 |
$858,516 |
14 |
$1,532,628 |
$527,403 $105,751 |
$899,474 |
15 |
$1,609,254 |
$555,754 $111,039 |
$942,461 |
16 |
$1,689,714 |
$585,525 $116,590 |
$987,599 |
17 |
$1,774,170 |
$616,773 $122,418 |
$1,034,979 |
18 |
$1,862,892 |
$649,600 $128,540 |
$1,084,752 |
19 |
$1,956,042 |
$684,066 $134,967 |
$1,137,009 |
20 |
$2,053,836 |
$720,250 $141,715 |
$1,191,871 |
21 |
$2,156,544 |
$758,252 $148,802 |
$1,249,490 |
22 |
$2,264,382 |
$798,152 $156,242 |
$1,309,988 |
23 |
$2,377,566 |
$840,030 $164,052 |
$1,373,484 |
24 |
$2,496,474 |
$884,026 $172,257 |
$1,440,191 |
25 |
$2,621,268 |
$930,200 $180,867 |
$1,510,201 |
26 |
$2,752,380 |
$978,711 $189,914 |
$1,583,755 |
27 |
$2,889,972 |
$1,029,620 $199,408 |
$1,660,944 |
28 |
$3,034,476 |
$1,083,087 $209,379 |
$1,742,010 |
29 |
$3,186,216 |
$1,139,230 $219,849 |
$1,827,137 |
30 |
$3,345,516 |
$1,198,171 $230,841 |
$1,916,504 |
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