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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 $50,000,000 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, Aug 24, 2019
Jackpot:$50,000,000
Federal Tax:  24%
State Tax:7.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$752,572$180,617$52,680$519,275
2$790,200$189,648$55,314$545,238
3$829,710$199,130$58,080$572,500
4$871,196$209,087$60,984$601,125
5$914,756$219,541$64,033$631,181
6$960,493$230,518$67,235$662,740
7$1,008,518$242,044$70,596$695,878
8$1,058,944$254,147$74,126$730,671
9$1,111,891$266,854$77,832$767,205
10$1,167,486$280,197$81,724$805,565
11$1,225,860$294,206$85,810$845,843
12$1,287,153$308,917$90,101$888,136
13$1,351,511$324,363$94,606$932,542
14$1,419,086$340,581$99,336$979,170
15$1,490,041$357,610$104,303$1,028,128
16$1,564,543$375,490$109,518$1,079,534
17$1,642,770$394,265$114,994$1,133,511
18$1,724,908$413,978$120,744$1,190,187
19$1,811,154$434,677$126,781$1,249,696
20$1,901,711$456,411$133,120$1,312,181
21$1,996,797$479,231$139,776$1,377,790
22$2,096,637$503,193$146,765$1,446,679
23$2,201,469$528,352$154,103$1,519,013
24$2,311,542$554,770$161,808$1,594,964
25$2,427,119$582,509$169,898$1,674,712
26$2,548,475$611,634$178,393$1,758,448
27$2,675,899$642,216$187,313$1,846,370
28$2,809,694$674,327$196,679$1,938,689
29$2,950,178$708,043$206,512$2,035,623
30$3,097,687$743,445$216,838$2,137,404
Total$50,000,000$12,000,000$3,500,000$34,500,000
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