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Powerball Annuity Jackpot Analysis for South Carolina (Oct. 20, 2018 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 $476,700,000 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:  Oct. 20, 2018
Jackpot:$476,700,000
Federal Tax:  24%
State Tax:7.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$7,175,019$1,722,005$502,251$4,950,763
2$7,533,770$1,808,105$527,364$5,198,301
3$7,910,458$1,898,510$553,732$5,458,216
4$8,305,982$1,993,436$581,419$5,731,127
5$8,721,280$2,093,107$610,490$6,017,683
6$9,157,345$2,197,763$641,014$6,318,568
7$9,615,212$2,307,651$673,065$6,634,496
8$10,095,973$2,423,033$706,718$6,966,221
9$10,600,771$2,544,185$742,054$7,314,532
10$11,130,810$2,671,394$779,157$7,680,259
11$11,687,350$2,804,964$818,115$8,064,272
12$12,271,718$2,945,212$859,020$8,467,485
13$12,885,303$3,092,473$901,971$8,890,859
14$13,529,569$3,247,097$947,070$9,335,402
15$14,206,047$3,409,451$994,423$9,802,172
16$14,916,350$3,579,924$1,044,144$10,292,281
17$15,662,167$3,758,920$1,096,352$10,806,895
18$16,445,275$3,946,866$1,151,169$11,347,240
19$17,267,539$4,144,209$1,208,728$11,914,602
20$18,130,916$4,351,420$1,269,164$12,510,332
21$19,037,462$4,568,991$1,332,622$13,135,849
22$19,989,335$4,797,440$1,399,253$13,792,641
23$20,988,802$5,037,312$1,469,216$14,482,273
24$22,038,241$5,289,178$1,542,677$15,206,387
25$23,140,153$5,553,637$1,619,811$15,966,706
26$24,297,162$5,831,319$1,700,801$16,765,042
27$25,512,020$6,122,885$1,785,841$17,603,294
28$26,787,620$6,429,029$1,875,133$18,483,458
29$28,127,001$6,750,480$1,968,890$19,407,631
30$29,533,352$7,088,004$2,067,335$20,378,013
Total$476,700,001$114,408,000$33,369,000$328,923,001
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