USA Mega

South Carolina Powerball Jackpot Annuity Payout Schedule for Apr 24, 2023

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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 $28,200,000 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:Mon, Apr 24, 2023
Jackpot:$28,200,000
Federal Tax:37% marginal rate
State Tax: 6.4%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$424,450$118,932$27,165$278,353
2$445,673$126,360$28,523$290,790
3$467,957$134,160$29,949$303,848
4$491,354$142,349$31,447$317,559
5$515,922$150,948$33,019$331,956
6$541,718$159,976$34,670$347,072
7$568,804$169,456$36,403$362,945
8$597,244$179,410$38,224$379,610
9$627,107$190,217$40,135$396,755
10$658,462$201,819$42,142$414,502
11$691,385$214,000$44,249$433,136
12$725,954$226,791$46,461$452,702
13$762,252$240,221$48,784$473,247
14$800,365$254,323$51,223$494,819
15$840,383$269,129$53,785$517,469
16$882,402$284,677$56,474$541,252
17$926,522$301,001$59,297$566,224
18$972,848$318,142$62,262$592,444
19$1,021,491$336,139$65,375$619,976
20$1,072,565$355,037$68,644$648,884
21$1,126,193$374,879$72,076$679,238
22$1,182,503$395,714$75,680$711,109
23$1,241,628$417,590$79,464$744,574
24$1,303,710$440,560$83,437$779,712
25$1,368,895$464,679$87,609$816,607
26$1,437,340$490,004$91,990$855,347
27$1,509,207$516,594$96,589$896,023
28$1,584,667$544,515$101,419$938,734
29$1,663,901$573,831$106,490$983,580
30$1,747,096$604,613$111,814$1,030,668
Total$28,200,000$9,196,066$1,804,799$17,199,135

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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.