South Carolina Lottery

SCLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Wed Jan 22, 2025 is estimated to be $31 Million, with a cash option of 13.8 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 Jan 22, 2025

Draw Date	Jackpot	Cash Option
Wed Jan 22, 2025	$31,000,000	$13,800,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$13,800,000
Federal Tax(24%)	$3,312,000
Additional Federal Tax	$1,754,330
State Tax(6.9%)	$952,200
Net Lumpsum Payment	$7,781,470

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$466,581	-$132,965 -$32,194	$301,422
2	$489,924	-$141,602 -$33,805	$314,517
3	$514,414	-$150,664 -$35,495	$328,255
4	$540,144	-$160,184 -$37,270	$342,690
5	$567,145	-$170,174 -$39,133	$357,838
6	$595,510	-$180,669 -$41,090	$373,751
7	$625,270	-$191,680 -$43,144	$390,446
8	$656,549	-$203,254 -$45,302	$407,993
9	$689,378	-$215,400 -$47,567	$426,411
10	$723,850	-$228,155 -$49,946	$445,749
11	$760,027	-$241,540 -$52,442	$466,045
12	$798,033	-$255,603 -$55,064	$487,366
13	$837,930	-$270,364 -$57,817	$509,749
14	$879,842	-$285,872 -$60,709	$533,261
15	$923,831	-$302,148 -$63,744	$557,939
16	$970,021	-$319,238 -$66,931	$583,852
17	$1,018,505	-$337,177 -$70,277	$611,051
18	$1,069,438	-$356,022 -$73,791	$639,625
19	$1,122,913	-$375,808 -$77,481	$669,624
20	$1,179,054	-$396,580 -$81,355	$701,119
21	$1,238,016	-$418,396 -$85,423	$734,197
22	$1,299,923	-$441,302 -$89,695	$768,926
23	$1,364,899	-$465,343 -$94,178	$805,378
24	$1,433,161	-$490,600 -$98,888	$843,673
25	$1,504,802	-$517,107 -$103,831	$883,864
26	$1,580,070	-$544,956 -$109,025	$926,089
27	$1,659,058	-$574,182 -$114,475	$970,401
28	$1,742,014	-$604,876 -$120,199	$1,016,939
29	$1,829,124	-$637,106 -$126,210	$1,065,808
30	$1,920,574	-$670,943 -$132,520	$1,117,111