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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 $80,000,000 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 25, 2016
Jackpot:$80,000,000
Federal Tax:  25%
State Tax:7.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,204,115$301,029$84,288$818,798
2$1,264,321$316,080$88,502$859,738
3$1,327,537$331,884$92,928$902,725
4$1,393,913$348,478$97,574$947,861
5$1,463,609$365,902$102,453$995,254
6$1,536,790$384,197$107,575$1,045,017
7$1,613,629$403,407$112,954$1,097,268
8$1,694,310$423,578$118,602$1,152,131
9$1,779,026$444,757$124,532$1,209,738
10$1,867,977$466,994$130,758$1,270,225
11$1,961,376$490,344$137,296$1,333,736
12$2,059,445$514,861$144,161$1,400,423
13$2,162,417$540,604$151,369$1,470,444
14$2,270,538$567,635$158,938$1,543,966
15$2,384,065$596,016$166,885$1,621,164
16$2,503,268$625,817$175,229$1,702,222
17$2,628,432$657,108$183,990$1,787,333
18$2,759,853$689,963$193,190$1,876,700
19$2,897,846$724,461$202,849$1,970,535
20$3,042,738$760,685$212,992$2,069,062
21$3,194,875$798,719$223,641$2,172,515
22$3,354,619$838,655$234,823$2,281,141
23$3,522,350$880,587$246,564$2,395,198
24$3,698,467$924,617$258,893$2,514,958
25$3,883,391$970,848$271,837$2,640,706
26$4,077,560$1,019,390$285,429$2,772,741
27$4,281,438$1,070,360$299,701$2,911,378
28$4,495,510$1,123,878$314,686$3,056,947
29$4,720,286$1,180,071$330,420$3,209,794
30$4,956,300$1,239,075$346,941$3,370,284
Total$80,000,000$20,000,000$5,600,000$54,400,000
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