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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 $90,000,000 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, Mar 4, 2015
Jackpot:$90,000,000
Federal Tax:  25%
State Tax:7.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,604,709$401,177$112,330$1,091,202
2$1,668,897$417,224$116,823$1,134,850
3$1,735,653$433,913$121,496$1,180,244
4$1,805,079$451,270$126,356$1,227,454
5$1,877,282$469,321$131,410$1,276,552
6$1,952,374$488,093$136,666$1,327,614
7$2,030,469$507,617$142,133$1,380,719
8$2,111,687$527,922$147,818$1,435,947
9$2,196,155$549,039$153,731$1,493,385
10$2,284,001$571,000$159,880$1,553,121
11$2,375,361$593,840$166,275$1,615,246
12$2,470,376$617,594$172,926$1,679,855
13$2,569,191$642,298$179,843$1,747,050
14$2,671,958$667,990$187,037$1,816,932
15$2,778,837$694,709$194,519$1,889,609
16$2,889,990$722,498$202,299$1,965,193
17$3,005,590$751,397$210,391$2,043,801
18$3,125,813$781,453$218,807$2,125,553
19$3,250,846$812,711$227,559$2,210,575
20$3,380,880$845,220$236,662$2,298,998
21$3,516,115$879,029$246,128$2,390,958
22$3,656,759$914,190$255,973$2,486,596
23$3,803,030$950,757$266,212$2,586,060
24$3,955,151$988,788$276,861$2,689,503
25$4,113,357$1,028,339$287,935$2,797,083
26$4,277,891$1,069,473$299,452$2,908,966
27$4,449,007$1,112,252$311,430$3,025,325
28$4,626,967$1,156,742$323,888$3,146,338
29$4,812,046$1,203,011$336,843$3,272,191
30$5,004,528$1,251,132$350,317$3,403,079
Total$90,000,000$22,500,000$6,300,000$61,200,000
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