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Powerball Annuity Jackpot Analysis for South Carolina (Dec. 15, 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 $246,000,000 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:  Dec. 15, 2018
Jackpot:$246,000,000
Federal Tax:  24%
State Tax:7.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$3,702,653$888,637$259,186$2,554,831
2$3,887,786$933,069$272,145$2,682,572
3$4,082,175$979,722$285,752$2,816,701
4$4,286,284$1,028,708$300,040$2,957,536
5$4,500,598$1,080,143$315,042$3,105,412
6$4,725,628$1,134,151$330,794$3,260,683
7$4,961,909$1,190,858$347,334$3,423,717
8$5,210,005$1,250,401$364,700$3,594,903
9$5,470,505$1,312,921$382,935$3,774,648
10$5,744,030$1,378,567$402,082$3,963,381
11$6,031,232$1,447,496$422,186$4,161,550
12$6,332,793$1,519,870$443,296$4,369,627
13$6,649,433$1,595,864$465,460$4,588,109
14$6,981,905$1,675,657$488,733$4,817,514
15$7,331,000$1,759,440$513,170$5,058,390
16$7,697,550$1,847,412$538,828$5,311,309
17$8,082,427$1,939,783$565,770$5,576,875
18$8,486,549$2,036,772$594,058$5,855,719
19$8,910,876$2,138,610$623,761$6,148,504
20$9,356,420$2,245,541$654,949$6,455,930
21$9,824,241$2,357,818$687,697$6,778,726
22$10,315,453$2,475,709$722,082$7,117,662
23$10,831,226$2,599,494$758,186$7,473,546
24$11,372,787$2,729,469$796,095$7,847,223
25$11,941,426$2,865,942$835,900$8,239,584
26$12,538,497$3,009,239$877,695$8,651,563
27$13,165,422$3,159,701$921,580$9,084,141
28$13,823,693$3,317,686$967,659$9,538,348
29$14,514,878$3,483,571$1,016,041$10,015,266
30$15,240,622$3,657,749$1,066,844$10,516,029
Total$246,000,000$59,040,000$17,220,000$169,740,000
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