South Carolina Lottery

SCLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat May 4, 2024 is estimated to be $203 Million, with a cash option of 92.7 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 May 4, 2024

Draw Date	Jackpot	Cash Option
Sat May 4, 2024	$203,000,000	$92,700,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$92,700,000
Federal Tax(24%)	$22,248,000
Additional Federal Tax	$12,011,330
State Tax(6.9%)	$6,396,300
Net Lumpsum Payment	$52,044,370

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,055,353	-$1,090,811 -$210,819	$1,753,723
2	$3,208,212	-$1,147,369 -$221,367	$1,839,476
3	$3,368,582	-$1,206,706 -$232,432	$1,929,444
4	$3,537,072	-$1,269,047 -$244,058	$2,023,967
5	$3,713,885	-$1,334,468 -$256,258	$2,123,159
6	$3,899,630	-$1,403,193 -$269,074	$2,227,363
7	$4,094,510	-$1,475,299 -$282,521	$2,336,690
8	$4,299,337	-$1,551,085 -$296,654	$2,451,598
9	$4,514,314	-$1,630,627 -$311,488	$2,572,199
10	$4,740,050	-$1,714,149 -$327,063	$2,698,838
11	$4,976,951	-$1,801,802 -$343,410	$2,831,739
12	$5,225,829	-$1,893,887 -$360,582	$2,971,360
13	$5,487,090	-$1,990,554 -$378,609	$3,117,927
14	$5,761,546	-$2,092,102 -$397,547	$3,271,897
15	$6,049,603	-$2,198,683 -$417,423	$3,433,497
16	$6,352,073	-$2,310,597 -$438,293	$3,603,183
17	$6,669,565	-$2,428,069 -$460,200	$3,781,296
18	$7,003,094	-$2,551,475 -$483,213	$3,968,406
19	$7,353,269	-$2,681,040 -$507,376	$4,164,853
20	$7,720,902	-$2,817,064 -$532,742	$4,371,096
21	$8,107,008	-$2,959,923 -$559,384	$4,587,701
22	$8,512,399	-$3,109,918 -$587,356	$4,815,125
23	$8,937,887	-$3,267,349 -$616,714	$5,053,824
24	$9,384,893	-$3,432,741 -$647,558	$5,304,594
25	$9,854,026	-$3,606,320 -$679,928	$5,567,778
26	$10,346,910	-$3,788,687 -$713,937	$5,844,286
27	$10,864,154	-$3,980,067 -$749,627	$6,134,460
28	$11,407,382	-$4,181,062 -$787,109	$6,439,211
29	$11,977,812	-$4,392,121 -$826,469	$6,759,222
30	$12,576,662	-$4,613,695 -$867,790	$7,095,177