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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 $40,000,000 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:  Wed, Jul 23, 2014
Jackpot:$40,000,000
Federal Tax:  25%
State Tax:7.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$713,204$178,301$49,924$484,979
2$741,732$185,433$51,921$504,378
3$771,401$192,850$53,998$524,553
4$802,257$200,564$56,158$545,535
5$834,348$208,587$58,404$567,356
6$867,722$216,930$60,741$590,051
7$902,431$225,608$63,170$613,653
8$938,528$234,632$65,697$638,199
9$976,069$244,017$68,325$663,727
10$1,015,112$253,778$71,058$690,276
11$1,055,716$263,929$73,900$717,887
12$1,097,945$274,486$76,856$746,602
13$1,141,863$285,466$79,930$776,467
14$1,187,537$296,884$83,128$807,525
15$1,235,039$308,760$86,453$839,826
16$1,284,440$321,110$89,911$873,419
17$1,335,818$333,954$93,507$908,356
18$1,389,250$347,313$97,248$944,690
19$1,444,820$361,205$101,137$982,478
20$1,502,613$375,653$105,183$1,021,777
21$1,562,718$390,679$109,390$1,062,648
22$1,625,226$406,307$113,766$1,105,154
23$1,690,235$422,559$118,316$1,149,360
24$1,757,845$439,461$123,049$1,195,335
25$1,828,159$457,040$127,971$1,243,148
26$1,901,285$475,321$133,090$1,292,874
27$1,977,336$494,334$138,414$1,344,589
28$2,056,430$514,107$143,950$1,398,372
29$2,138,687$534,672$149,708$1,454,307
30$2,224,235$556,059$155,696$1,512,480
Total$40,000,000$10,000,000$2,800,000$27,200,000
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