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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 $135,000,000 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, Jan 18, 2017
Jackpot:$135,000,000
Federal Tax:  25%
State Tax:7.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,031,944$507,986$142,236$1,381,722
2$2,133,541$533,385$149,348$1,450,808
3$2,240,218$560,054$156,815$1,523,348
4$2,352,229$588,057$164,656$1,599,516
5$2,469,840$617,460$172,889$1,679,491
6$2,593,332$648,333$181,533$1,763,466
7$2,722,999$680,750$190,610$1,851,639
8$2,859,149$714,787$200,140$1,944,221
9$3,002,106$750,527$210,147$2,041,432
10$3,152,212$788,053$220,655$2,143,504
11$3,309,822$827,456$231,688$2,250,679
12$3,475,313$868,828$243,272$2,363,213
13$3,649,079$912,270$255,436$2,481,374
14$3,831,533$957,883$268,207$2,605,442
15$4,023,110$1,005,777$281,618$2,735,715
16$4,224,265$1,056,066$295,699$2,872,500
17$4,435,478$1,108,870$310,483$3,016,125
18$4,657,252$1,164,313$326,008$3,166,932
19$4,890,115$1,222,529$342,308$3,325,278
20$5,134,621$1,283,655$359,423$3,491,542
21$5,391,352$1,347,838$377,395$3,666,119
22$5,660,919$1,415,230$396,264$3,849,425
23$5,943,965$1,485,991$416,078$4,041,896
24$6,241,163$1,560,291$436,881$4,243,991
25$6,553,222$1,638,305$458,726$4,456,191
26$6,880,883$1,720,221$481,662$4,679,000
27$7,224,927$1,806,232$505,745$4,912,950
28$7,586,173$1,896,543$531,032$5,158,598
29$7,965,482$1,991,370$557,584$5,416,528
30$8,363,756$2,090,939$585,463$5,687,354
Total$135,000,000$33,750,000$9,450,000$91,800,000
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