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South Carolina Powerball Jackpot Annuity Payout Schedule for Oct 24, 2020

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The tax information provided here is based on 2021 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 $105,700,000 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 prize money, as well as deductions claimed.

State:

South Carolina

Drawing Date:Sat, Oct 24, 2020
Jackpot:$105,700,000
Federal Tax:37% marginal rate
State Tax: 7%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,590,937$552,719$111,366$926,852
2$1,670,484$582,151$116,934$971,399
3$1,754,008$613,055$122,781$1,018,172
4$1,841,708$645,504$128,920$1,067,284
5$1,933,793$679,576$135,366$1,118,852
6$2,030,483$715,351$142,134$1,172,998
7$2,132,007$752,915$149,241$1,229,852
8$2,238,608$792,357$156,703$1,289,548
9$2,350,538$833,771$164,538$1,352,229
10$2,468,065$877,256$172,765$1,418,044
11$2,591,468$922,916$181,403$1,487,150
12$2,721,042$970,858$190,473$1,559,711
13$2,857,094$1,021,197$199,997$1,635,900
14$2,999,948$1,074,053$209,996$1,715,899
15$3,149,946$1,129,552$220,496$1,799,897
16$3,307,443$1,187,826$231,521$1,888,096
17$3,472,815$1,249,014$243,097$1,980,704
18$3,646,456$1,313,261$255,252$2,077,943
19$3,828,779$1,380,720$268,015$2,180,044
20$4,020,218$1,451,553$281,415$2,287,250
21$4,221,229$1,525,927$295,486$2,399,816
22$4,432,290$1,604,020$310,260$2,518,010
23$4,653,905$1,686,017$325,773$2,642,114
24$4,886,600$1,772,114$342,062$2,772,424
25$5,130,930$1,862,516$359,165$2,909,248
26$5,387,476$1,957,439$377,123$3,052,915
27$5,656,850$2,057,107$395,980$3,203,764
28$5,939,693$2,161,759$415,778$3,362,156
29$6,236,677$2,271,643$436,567$3,528,467
30$6,548,511$2,387,021$458,396$3,703,094
Total$105,700,000$38,031,168$7,399,003$60,269,832

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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.