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Powerball Annuity Jackpot Analysis for South Carolina (Oct. 24, 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 $602,500,000 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. 24, 2018
Jackpot:$602,500,000
Federal Tax:  24%
State Tax:7.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$9,068,490$2,176,438$634,794$6,257,258
2$9,521,914$2,285,259$666,534$6,570,121
3$9,998,010$2,399,522$699,861$6,898,627
4$10,497,911$2,519,499$734,854$7,243,558
5$11,022,806$2,645,473$771,596$7,605,736
6$11,573,946$2,777,747$810,176$7,986,023
7$12,152,644$2,916,634$850,685$8,385,324
8$12,760,276$3,062,466$893,219$8,804,590
9$13,398,290$3,215,589$937,880$9,244,820
10$14,068,204$3,376,369$984,774$9,707,061
11$14,771,614$3,545,187$1,034,013$10,192,414
12$15,510,195$3,722,447$1,085,714$10,702,034
13$16,285,705$3,908,569$1,139,999$11,237,136
14$17,099,990$4,103,998$1,196,999$11,798,993
15$17,954,989$4,309,197$1,256,849$12,388,943
16$18,852,739$4,524,657$1,319,692$13,008,390
17$19,795,375$4,750,890$1,385,676$13,658,809
18$20,785,144$4,988,435$1,454,960$14,341,750
19$21,824,401$5,237,856$1,527,708$15,058,837
20$22,915,622$5,499,749$1,604,094$15,811,779
21$24,061,403$5,774,737$1,684,298$16,602,368
22$25,264,473$6,063,473$1,768,513$17,432,486
23$26,527,697$6,366,647$1,856,939$18,304,111
24$27,854,081$6,684,979$1,949,786$19,219,316
25$29,246,785$7,019,228$2,047,275$20,180,282
26$30,709,125$7,370,190$2,149,639$21,189,296
27$32,244,581$7,738,699$2,257,121$22,248,761
28$33,856,810$8,125,634$2,369,977$23,361,199
29$35,549,650$8,531,916$2,488,476$24,529,259
30$37,327,133$8,958,512$2,612,899$25,755,722
Total$602,500,001$144,600,000$42,175,000$415,725,001
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