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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 $422,000,000 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 27, 2016
Jackpot:$422,000,000
Federal Tax:  25%
State Tax:7.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$6,351,706$1,587,926$444,619$4,319,160
2$6,669,291$1,667,323$466,850$4,535,118
3$7,002,755$1,750,689$490,193$4,761,874
4$7,352,893$1,838,223$514,703$4,999,968
5$7,720,538$1,930,134$540,438$5,249,966
6$8,106,565$2,026,641$567,460$5,512,464
7$8,511,893$2,127,973$595,833$5,788,087
8$8,937,488$2,234,372$625,624$6,077,492
9$9,384,362$2,346,091$656,905$6,381,366
10$9,853,580$2,463,395$689,751$6,700,435
11$10,346,259$2,586,565$724,238$7,035,456
12$10,863,572$2,715,893$760,450$7,387,229
13$11,406,751$2,851,688$798,473$7,756,590
14$11,977,088$2,994,272$838,396$8,144,420
15$12,575,943$3,143,986$880,316$8,551,641
16$13,204,740$3,301,185$924,332$8,979,223
17$13,864,977$3,466,244$970,548$9,428,184
18$14,558,226$3,639,556$1,019,076$9,899,593
19$15,286,137$3,821,534$1,070,030$10,394,573
20$16,050,444$4,012,611$1,123,531$10,914,302
21$16,852,966$4,213,241$1,179,708$11,460,017
22$17,695,614$4,423,904$1,238,693$12,033,018
23$18,580,395$4,645,099$1,300,628$12,634,669
24$19,509,414$4,877,354$1,365,659$13,266,402
25$20,484,885$5,121,221$1,433,942$13,929,722
26$21,509,130$5,377,282$1,505,639$14,626,208
27$22,584,586$5,646,147$1,580,921$15,357,519
28$23,713,815$5,928,454$1,659,967$16,125,394
29$24,899,506$6,224,877$1,742,965$16,931,664
30$26,144,482$6,536,120$1,830,114$17,778,248
Total$422,000,001$105,500,000$29,540,000$286,960,001
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