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Powerball Annuity Jackpot Analysis for South Carolina

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The Powerball annuity jackpot is awarded according to an increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $128,000,000 would be for a resident of South Carolina, including taxes withheld.

Please note, the amounts shown are very close approximations to the amount a jackpot annuity winner would receive from the lottery every year.  They are not intended to specify the final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money.  (For example, if the winner gave all their fortune to charity, they may actually end up getting money back that was initially withheld, whereas someone who buys a new mansion and a fleet of new cars would probably end up owing more taxes than shown.)

State:

South Carolina

Drawing Date:  Sat, Apr 19, 2014
Jackpot:$128,000,000
Federal Tax:  25%
State Tax:7.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,282,253$570,563$159,758$1,551,932
2$2,373,543$593,386$166,148$1,614,009
3$2,468,485$617,121$172,794$1,678,569
4$2,567,224$641,806$179,706$1,745,712
5$2,669,913$667,478$186,894$1,815,541
6$2,776,709$694,177$194,370$1,888,162
7$2,887,778$721,944$202,144$1,963,689
8$3,003,289$750,822$210,230$2,042,236
9$3,123,420$780,855$218,639$2,123,926
10$3,248,357$812,089$227,385$2,208,883
11$3,378,291$844,573$236,480$2,297,238
12$3,513,423$878,356$245,940$2,389,128
13$3,653,960$913,490$255,777$2,484,693
14$3,800,118$950,030$266,008$2,584,081
15$3,952,123$988,031$276,649$2,687,444
16$4,110,208$1,027,552$287,715$2,794,942
17$4,274,616$1,068,654$299,223$2,906,739
18$4,445,601$1,111,400$311,192$3,023,009
19$4,623,425$1,155,856$323,640$3,143,929
20$4,808,362$1,202,091$336,585$3,269,686
21$5,000,697$1,250,174$350,049$3,400,474
22$5,200,725$1,300,181$364,051$3,536,493
23$5,408,754$1,352,188$378,613$3,677,952
24$5,625,104$1,406,276$393,757$3,825,070
25$5,850,108$1,462,527$409,508$3,978,073
26$6,084,112$1,521,028$425,888$4,137,196
27$6,327,477$1,581,869$442,923$4,302,684
28$6,580,576$1,645,144$460,640$4,474,791
29$6,843,799$1,710,950$479,066$4,653,783
30$7,117,551$1,779,388$498,229$4,839,934
Total$128,000,000$32,000,000$8,960,000$87,040,000
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