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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 $348,000,000 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, May 4, 2016
Jackpot:$348,000,000
Federal Tax:  25%
State Tax:7.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$5,237,899$1,309,475$366,653$3,561,772
2$5,499,794$1,374,949$384,986$3,739,860
3$5,774,784$1,443,696$404,235$3,926,853
4$6,063,523$1,515,881$424,447$4,123,196
5$6,366,699$1,591,675$445,669$4,329,356
6$6,685,034$1,671,259$467,952$4,545,823
7$7,019,286$1,754,822$491,350$4,773,115
8$7,370,251$1,842,563$515,918$5,011,770
9$7,738,763$1,934,691$541,713$5,262,359
10$8,125,701$2,031,425$568,799$5,525,477
11$8,531,986$2,132,997$597,239$5,801,751
12$8,958,586$2,239,646$627,101$6,091,838
13$9,406,515$2,351,629$658,456$6,396,430
14$9,876,841$2,469,210$691,379$6,716,252
15$10,370,683$2,592,671$725,948$7,052,064
16$10,889,217$2,722,304$762,245$7,404,667
17$11,433,677$2,858,419$800,357$7,774,901
18$12,005,361$3,001,340$840,375$8,163,646
19$12,605,629$3,151,407$882,394$8,571,828
20$13,235,911$3,308,978$926,514$9,000,419
21$13,897,706$3,474,427$972,839$9,450,440
22$14,592,592$3,648,148$1,021,481$9,922,962
23$15,322,221$3,830,555$1,072,556$10,419,111
24$16,088,332$4,022,083$1,126,183$10,940,066
25$16,892,749$4,223,187$1,182,492$11,487,069
26$17,737,387$4,434,347$1,241,617$12,061,423
27$18,624,256$4,656,064$1,303,698$12,664,494
28$19,555,469$4,888,867$1,368,883$13,297,719
29$20,533,242$5,133,311$1,437,327$13,962,605
30$21,559,904$5,389,976$1,509,193$14,660,735
Total$348,000,001$87,000,000$24,360,000$236,640,000
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