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Powerball Annuity Jackpot Analysis for South Carolina (Nov. 10, 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 $92,000,000 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:  Nov. 10, 2018
Jackpot:$92,000,000
Federal Tax:  24%
State Tax:7.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,384,732$332,336$96,931$955,465
2$1,453,969$348,952$101,778$1,003,238
3$1,526,667$366,400$106,867$1,053,400
4$1,603,000$384,720$112,210$1,106,070
5$1,683,150$403,956$117,821$1,161,374
6$1,767,308$424,154$123,712$1,219,442
7$1,855,673$445,362$129,897$1,280,415
8$1,948,457$467,630$136,392$1,344,435
9$2,045,880$491,011$143,212$1,411,657
10$2,148,174$515,562$150,372$1,482,240
11$2,255,583$541,340$157,891$1,556,352
12$2,368,362$568,407$165,785$1,634,170
13$2,486,780$596,827$174,075$1,715,878
14$2,611,119$626,669$182,778$1,801,672
15$2,741,675$658,002$191,917$1,891,756
16$2,878,758$690,902$201,513$1,986,343
17$3,022,696$725,447$211,589$2,085,660
18$3,173,831$761,719$222,168$2,189,944
19$3,332,523$799,805$233,277$2,299,441
20$3,499,149$839,796$244,940$2,414,413
21$3,674,106$881,786$257,187$2,535,133
22$3,857,812$925,875$270,047$2,661,890
23$4,050,702$972,169$283,549$2,794,985
24$4,253,237$1,020,777$297,727$2,934,734
25$4,465,899$1,071,816$312,613$3,081,470
26$4,689,194$1,125,407$328,244$3,235,544
27$4,923,654$1,181,677$344,656$3,397,321
28$5,169,837$1,240,761$361,889$3,567,187
29$5,428,328$1,302,799$379,983$3,745,547
30$5,699,745$1,367,939$398,982$3,932,824
Total$92,000,000$22,080,000$6,440,000$63,480,000
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