South Carolina Lottery

SCLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Jan 11, 2025 is estimated to be $263 Million, with a cash option of 117.7 Million. If you win the Powerball jackpot, the IRS will withhold 24% of your prize money upfront, and you may owe up to an additional 13% in federal taxes when the tax is due. Additionally, if you are a resident of South Carolina, your state will take 6.9% of your lottery winnings.

Please note that the calculation of the Powerball jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

South Carolina Powerball Jackpot/Cash Option for Sat Jan 11, 2025

Draw Date	Jackpot	Cash Option
Sat Jan 11, 2025	$263,000,000	$117,700,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$117,700,000
Federal Tax(24%)	$28,248,000
Additional Federal Tax	$15,261,330
State Tax(6.9%)	$8,121,300
Net Lumpsum Payment	$66,069,370

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,958,413	-$1,424,943 -$273,130	$2,260,340
2	$4,156,452	-$1,498,218 -$286,795	$2,371,439
3	$4,364,222	-$1,575,093 -$301,131	$2,487,998
4	$4,582,512	-$1,655,860 -$316,193	$2,610,459
5	$4,811,585	-$1,740,617 -$331,999	$2,738,969
6	$5,052,230	-$1,829,655 -$348,604	$2,873,971
7	$5,304,710	-$1,923,073 -$366,025	$3,015,612
8	$5,570,077	-$2,021,259 -$384,335	$3,164,483
9	$5,848,594	-$2,124,310 -$403,553	$3,320,731
10	$6,141,050	-$2,232,519 -$423,732	$3,484,799
11	$6,447,971	-$2,346,080 -$444,910	$3,656,981
12	$6,770,409	-$2,465,382 -$467,158	$3,837,869
13	$7,108,890	-$2,590,620 -$490,513	$4,027,757
14	$7,464,466	-$2,722,183 -$515,048	$4,227,235
15	$7,837,663	-$2,860,266 -$540,799	$4,436,598
16	$8,229,533	-$3,005,258 -$567,838	$4,656,437
17	$8,640,865	-$3,157,450 -$596,220	$4,887,195
18	$9,072,974	-$3,317,331 -$626,035	$5,129,608
19	$9,526,649	-$3,485,191 -$657,339	$5,384,119
20	$10,002,942	-$3,661,419 -$690,203	$5,651,320
21	$10,503,168	-$3,846,503 -$724,719	$5,931,946
22	$11,028,379	-$4,040,831 -$760,958	$6,226,590
23	$11,579,627	-$4,244,792 -$798,994	$6,535,841
24	$12,158,753	-$4,459,069 -$838,954	$6,860,730
25	$12,766,546	-$4,683,952 -$880,892	$7,201,702
26	$13,405,110	-$4,920,221 -$924,953	$7,559,936
27	$14,075,234	-$5,168,167 -$971,191	$7,935,876
28	$14,779,022	-$5,428,569 -$1,019,753	$8,330,700
29	$15,518,052	-$5,702,010 -$1,070,746	$8,745,296
30	$16,293,902	-$5,989,074 -$1,124,279	$9,180,549