South Carolina Lottery

SCLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Dec 21, 2024 is estimated to be $88 Million, with a cash option of 41 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 Dec 21, 2024

Draw Date	Jackpot	Cash Option
Sat Dec 21, 2024	$88,000,000	$41,000,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$41,000,000
Federal Tax(24%)	$9,840,000
Additional Federal Tax	$5,290,330
State Tax(6.9%)	$2,829,000
Net Lumpsum Payment	$23,040,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,324,488	-$450,391 -$91,390	$782,707
2	$1,390,752	-$474,909 -$95,962	$819,881
3	$1,460,272	-$500,631 -$100,759	$858,882
4	$1,533,312	-$527,656 -$105,799	$899,857
5	$1,609,960	-$556,016 -$111,087	$942,857
6	$1,690,480	-$585,808 -$116,643	$988,029
7	$1,774,960	-$617,066 -$122,472	$1,035,422
8	$1,863,752	-$649,919 -$128,599	$1,085,234
9	$1,956,944	-$684,400 -$135,029	$1,137,515
10	$2,054,800	-$720,606 -$141,781	$1,192,413
11	$2,157,496	-$758,604 -$148,867	$1,250,025
12	$2,265,384	-$798,522 -$156,311	$1,310,551
13	$2,378,640	-$840,427 -$164,126	$1,374,087
14	$2,497,616	-$884,448 -$172,336	$1,440,832
15	$2,622,488	-$930,651 -$180,952	$1,510,885
16	$2,753,608	-$979,165 -$189,999	$1,584,444
17	$2,891,240	-$1,030,089 -$199,496	$1,661,655
18	$3,035,824	-$1,083,585 -$209,472	$1,742,767
19	$3,187,624	-$1,139,751 -$219,946	$1,827,927
20	$3,346,992	-$1,198,717 -$230,942	$1,917,333
21	$3,514,368	-$1,260,647 -$242,491	$2,011,230
22	$3,690,104	-$1,325,669 -$254,617	$2,109,818
23	$3,874,552	-$1,393,915 -$267,344	$2,213,293
24	$4,068,328	-$1,465,612 -$280,715	$2,322,001
25	$4,271,696	-$1,540,858 -$294,747	$2,436,091
26	$4,485,360	-$1,619,914 -$309,490	$2,555,956
27	$4,709,584	-$1,702,876 -$324,961	$2,681,747
28	$4,945,072	-$1,790,007 -$341,210	$2,813,855
29	$5,192,352	-$1,881,501 -$358,272	$2,952,579
30	$5,451,952	-$1,977,553 -$376,185	$3,098,214