USA Mega

South Carolina Powerball Jackpot Annuity Payout Schedule for Aug 31, 2002

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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 $62,400,000 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, Aug 31, 2002
Jackpot:$62,400,000
Federal Tax:37% marginal rate
State Tax: 6.4%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,112,598$369,849$71,206$671,543
2$1,157,102$386,316$74,055$696,732
3$1,203,386$403,441$77,017$722,929
4$1,251,522$421,251$80,097$750,174
5$1,301,583$439,773$83,301$778,508
6$1,353,646$459,037$86,633$807,976
7$1,407,792$479,071$90,099$838,622
8$1,464,103$499,906$93,703$870,495
9$1,522,667$521,575$97,451$903,642
10$1,583,574$544,110$101,349$938,115
11$1,646,917$567,547$105,403$973,967
12$1,712,794$591,921$109,619$1,011,254
13$1,781,306$617,271$114,004$1,050,031
14$1,852,558$643,634$118,564$1,090,360
15$1,926,660$671,052$123,306$1,132,302
16$2,003,726$699,567$128,238$1,175,921
17$2,083,876$729,222$133,368$1,221,286
18$2,167,231$760,063$138,703$1,268,465
19$2,253,920$792,138$144,251$1,317,531
20$2,344,077$825,496$150,021$1,368,560
21$2,437,840$860,188$156,022$1,421,629
22$2,535,353$896,268$162,263$1,476,822
23$2,636,767$933,792$168,753$1,534,223
24$2,742,238$972,816$175,503$1,593,919
25$2,851,928$1,013,401$182,523$1,656,003
26$2,966,005$1,055,609$189,824$1,720,571
27$3,084,645$1,099,506$197,417$1,787,721
28$3,208,031$1,145,159$205,314$1,857,558
29$3,336,352$1,192,638$213,527$1,930,187
30$3,469,806$1,242,016$222,068$2,005,722
Total$62,400,000$21,833,633$3,993,602$36,572,768

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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.