USA Mega

South Carolina Powerball Jackpot Annuity Payout Schedule for Dec 21, 1996

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The tax information provided here is based on 2024 federal marginal rates and state tax rates.  It shows the final federal and state tax burdens each year, not the amount initially withheld by the lottery.

The Powerball annuity jackpot is awarded according to an annually-increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $41,600,000 for a ticket purchased in 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 exact final tax burden, which may vary depending on how the winner chooses to invest or dispense their money, as well as deductions claimed.

State:

South Carolina

Drawing Date:Sat, Dec 21, 1996
Jackpot:$41,600,000
Federal Tax:37% marginal rate
State Tax: 6.4%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$741,732$232,629$47,471$461,633
2$771,401$243,606$49,370$478,425
3$802,257$255,023$51,344$495,890
4$834,348$266,896$53,398$514,053
5$867,722$279,245$55,534$532,943
6$902,431$292,087$57,756$552,588
7$938,528$305,443$60,066$573,019
8$976,069$319,333$62,468$594,267
9$1,015,112$333,779$64,967$616,365
10$1,055,716$348,803$67,566$639,348
11$1,097,945$364,427$70,268$663,249
12$1,141,863$380,677$73,079$688,106
13$1,187,537$397,576$76,002$713,958
14$1,235,039$415,152$79,042$740,844
15$1,284,440$433,431$82,204$768,805
16$1,335,818$452,440$85,492$797,885
17$1,389,250$472,210$88,912$828,128
18$1,444,820$492,771$92,469$859,581
19$1,502,613$514,155$96,167$892,291
20$1,562,718$536,393$100,014$926,310
21$1,625,226$559,522$104,014$961,690
22$1,690,235$583,575$108,175$998,486
23$1,757,845$608,590$112,502$1,036,752
24$1,828,159$634,606$117,002$1,076,550
25$1,901,285$661,663$121,682$1,117,940
26$1,977,336$689,802$126,550$1,160,985
27$2,056,430$719,067$131,612$1,205,752
28$2,138,687$749,502$136,876$1,252,309
29$2,224,235$781,155$142,351$1,300,729
30$2,313,204$814,073$148,045$1,351,086
Total$41,600,000$14,137,631$2,662,398$24,799,967

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Note: The Net Payment total above may be a few dollars off from the total after-tax annuity amount shown on the Jackpot Analysis page because the Jackpot Analysis page shows an average annual payment, whereas we calculate an exact payment here.