South Carolina Lottery

SCLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Wed May 8, 2024 is estimated to be $20 Million, with a cash option of 9.3 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 Wed May 8, 2024

Draw Date	Jackpot	Cash Option
Wed May 8, 2024	$20,000,000	$9,300,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$9,300,000
Federal Tax(24%)	$2,232,000
Additional Federal Tax	$1,169,330
State Tax(6.9%)	$641,700
Net Lumpsum Payment	$5,256,970

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$301,020	-$71,708 -$20,770	$208,542
2	$316,080	-$77,280 -$21,810	$216,990
3	$331,880	-$83,126 -$22,900	$225,854
4	$348,480	-$89,268 -$24,045	$235,167
5	$365,900	-$95,713 -$25,247	$244,940
6	$384,200	-$102,484 -$26,510	$255,206
7	$403,400	-$109,588 -$27,835	$265,977
8	$423,580	-$117,055 -$29,227	$277,298
9	$444,760	-$124,892 -$30,688	$289,180
10	$467,000	-$133,120 -$32,223	$301,657
11	$490,340	-$141,756 -$33,833	$314,751
12	$514,860	-$150,829 -$35,525	$328,506
13	$540,600	-$160,352 -$37,301	$342,947
14	$567,640	-$170,357 -$39,167	$358,116
15	$596,020	-$180,858 -$41,125	$374,037
16	$625,820	-$191,884 -$43,182	$390,754
17	$657,100	-$203,457 -$45,340	$408,303
18	$689,960	-$215,616 -$47,607	$426,737
19	$724,460	-$228,381 -$49,988	$446,091
20	$760,680	-$241,782 -$52,487	$466,411
21	$798,720	-$255,857 -$55,112	$487,751
22	$838,660	-$270,635 -$57,868	$510,157
23	$880,580	-$286,145 -$60,760	$533,675
24	$924,620	-$302,440 -$63,799	$558,381
25	$970,840	-$319,541 -$66,988	$584,311
26	$1,019,400	-$337,508 -$70,339	$611,553
27	$1,070,360	-$356,364 -$73,855	$640,141
28	$1,123,880	-$376,166 -$77,548	$670,166
29	$1,180,080	-$396,960 -$81,426	$701,694
30	$1,239,080	-$418,790 -$85,497	$734,793