South Carolina Lottery

SCLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Nov 23, 2024 is estimated to be $171 Million, with a cash option of 78.7 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 Nov 23, 2024

Draw Date	Jackpot	Cash Option
Sat Nov 23, 2024	$171,000,000	$78,700,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$78,700,000
Federal Tax(24%)	$18,888,000
Additional Federal Tax	$10,191,330
State Tax(6.9%)	$5,430,300
Net Lumpsum Payment	$44,190,370

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$2,573,721	-$912,607 -$177,587	$1,483,527
2	$2,702,484	-$960,249 -$186,471	$1,555,764
3	$2,837,574	-$1,010,233 -$195,793	$1,631,548
4	$2,979,504	-$1,062,747 -$205,586	$1,711,171
5	$3,128,445	-$1,117,855 -$215,863	$1,794,727
6	$3,284,910	-$1,175,747 -$226,659	$1,882,504
7	$3,449,070	-$1,236,486 -$237,986	$1,974,598
8	$3,621,609	-$1,300,326 -$249,891	$2,071,392
9	$3,802,698	-$1,367,329 -$262,386	$2,172,983
10	$3,992,850	-$1,437,685 -$275,507	$2,279,658
11	$4,192,407	-$1,511,521 -$289,276	$2,391,610
12	$4,402,053	-$1,589,090 -$303,742	$2,509,221
13	$4,622,130	-$1,670,518 -$318,927	$2,632,685
14	$4,853,322	-$1,756,060 -$334,879	$2,762,383
15	$5,095,971	-$1,845,840 -$351,622	$2,898,509
16	$5,350,761	-$1,940,112 -$369,203	$3,041,446
17	$5,618,205	-$2,039,066 -$387,656	$3,191,483
18	$5,899,158	-$2,143,019 -$407,042	$3,349,097
19	$6,194,133	-$2,252,160 -$427,395	$3,514,578
20	$6,503,814	-$2,366,742 -$448,763	$3,688,309
21	$6,829,056	-$2,487,081 -$471,205	$3,870,770
22	$7,170,543	-$2,613,431 -$494,767	$4,062,345
23	$7,528,959	-$2,746,045 -$519,498	$4,263,416
24	$7,905,501	-$2,885,366 -$545,480	$4,474,655
25	$8,300,682	-$3,031,583 -$572,747	$4,696,352
26	$8,715,870	-$3,185,202 -$601,395	$4,929,273
27	$9,151,578	-$3,346,414 -$631,459	$5,173,705
28	$9,609,174	-$3,515,725 -$663,033	$5,430,416
29	$10,089,684	-$3,693,513 -$696,188	$5,699,983
30	$10,594,134	-$3,880,160 -$730,995	$5,982,979