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Powerball Annuity Jackpot Analysis for South Carolina (Jan. 5, 2019 Drawing)

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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 $69,000,000 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:  Jan. 5, 2019
Jackpot:$69,000,000
Federal Tax:  24%
State Tax:7.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,038,549$249,252$72,698$716,599
2$1,090,476$261,714$76,333$752,429
3$1,145,000$274,800$80,150$790,050
4$1,202,250$288,540$84,158$829,553
5$1,262,363$302,967$88,365$871,030
6$1,325,481$318,115$92,784$914,582
7$1,391,755$334,021$97,423$960,311
8$1,461,343$350,722$102,294$1,008,327
9$1,534,410$368,258$107,409$1,058,743
10$1,611,130$386,671$112,779$1,111,680
11$1,691,687$406,005$118,418$1,167,264
12$1,776,271$426,305$124,339$1,225,627
13$1,865,085$447,620$130,556$1,286,909
14$1,958,339$470,001$137,084$1,351,254
15$2,056,256$493,501$143,938$1,418,817
16$2,159,069$518,177$151,135$1,489,758
17$2,267,022$544,085$158,692$1,564,245
18$2,380,373$571,290$166,626$1,642,458
19$2,499,392$599,854$174,957$1,724,581
20$2,624,362$629,847$183,705$1,810,810
21$2,755,580$661,339$192,891$1,901,350
22$2,893,359$694,406$202,535$1,996,418
23$3,038,027$729,126$212,662$2,096,238
24$3,189,928$765,583$223,295$2,201,050
25$3,349,424$803,862$234,460$2,311,103
26$3,516,896$844,055$246,183$2,426,658
27$3,692,740$886,258$258,492$2,547,991
28$3,877,377$930,571$271,416$2,675,390
29$4,071,246$977,099$284,987$2,809,160
30$4,274,809$1,025,954$299,237$2,949,618
Total$69,000,000$16,560,000$4,830,000$47,610,000
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