South Carolina Lottery

SCLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Sep 21, 2024 is estimated to be $195 Million, with a cash option of 99.1 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 Sep 21, 2024

Draw Date	Jackpot	Cash Option
Sat Sep 21, 2024	$195,000,000	$99,100,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$99,100,000
Federal Tax(24%)	$23,784,000
Additional Federal Tax	$12,843,330
State Tax(6.9%)	$6,837,900
Net Lumpsum Payment	$55,634,770

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$2,934,945	-$1,046,260 -$202,511	$1,686,174
2	$3,081,780	-$1,100,589 -$212,643	$1,768,548
3	$3,235,830	-$1,157,587 -$223,272	$1,854,971
4	$3,397,680	-$1,217,472 -$234,440	$1,945,768
5	$3,567,525	-$1,280,315 -$246,159	$2,041,051
6	$3,745,950	-$1,346,332 -$258,471	$2,141,147
7	$3,933,150	-$1,415,596 -$271,387	$2,246,167
8	$4,129,905	-$1,488,395 -$284,963	$2,356,547
9	$4,336,410	-$1,564,802 -$299,212	$2,472,396
10	$4,553,250	-$1,645,033 -$314,174	$2,594,043
11	$4,780,815	-$1,729,232 -$329,876	$2,721,707
12	$5,019,885	-$1,817,688 -$346,372	$2,855,825
13	$5,270,850	-$1,910,545 -$363,689	$2,996,616
14	$5,534,490	-$2,008,092 -$381,880	$3,144,518
15	$5,811,195	-$2,110,473 -$400,972	$3,299,750
16	$6,101,745	-$2,217,976 -$421,020	$3,462,749
17	$6,406,725	-$2,330,819 -$442,064	$3,633,842
18	$6,727,110	-$2,449,361 -$464,171	$3,813,578
19	$7,063,485	-$2,573,820 -$487,380	$4,002,285
20	$7,416,630	-$2,704,483 -$511,747	$4,200,400
21	$7,787,520	-$2,841,713 -$537,339	$4,408,468
22	$8,176,935	-$2,985,796 -$564,209	$4,626,930
23	$8,585,655	-$3,137,023 -$592,410	$4,856,222
24	$9,015,045	-$3,295,897 -$622,038	$5,097,110
25	$9,465,690	-$3,462,636 -$653,133	$5,349,921
26	$9,939,150	-$3,637,816 -$685,801	$5,615,533
27	$10,436,010	-$3,821,654 -$720,085	$5,894,271
28	$10,957,830	-$4,014,727 -$756,090	$6,187,013
29	$11,505,780	-$4,217,469 -$793,899	$6,494,412
30	$12,081,030	-$4,430,311 -$833,591	$6,817,128