The jackpot for the Powerball draw on Sat Nov 16, 2024, is projected to be $130 Million, with an option for a cash payout of $61.4 Million. Should you be the lucky winner of the Powerball jackpot, anticipate the IRS to initially withhold 24% of your winnings for taxes, and be prepared that you might need to pay up to an additional 13% in federal taxes at tax time. For South Carolina residents, the state will deduct 6.9% from your lottery earnings.
| South Carolina Powerball Jackpot/Cash Option for Sat Nov 16, 2024 |
|---|
| Draw Date | Sat Nov 16, 2024 | | Projected Jackpot | $130,000,000 | | Cash Value | $61,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $61,400,000 | | Federal Tax(24%) | $14,736,000 | | Additional Federal Tax | $7,942,330 | | State Tax(6.9%) | $4,236,600 | | Net Lumpsum Payment | $34,485,070 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,956,630 |
$684,283
$135,007 |
$1,137,340 |
| 2 |
$2,054,520 |
$720,503
$141,762 |
$1,192,255 |
| 3 |
$2,157,220 |
$758,502
$148,848 |
$1,249,870 |
| 4 |
$2,265,120 |
$798,425
$156,293 |
$1,310,402 |
| 5 |
$2,378,350 |
$840,320
$164,106 |
$1,373,924 |
| 6 |
$2,497,300 |
$884,331
$172,314 |
$1,440,655 |
| 7 |
$2,622,100 |
$930,507
$180,925 |
$1,510,668 |
| 8 |
$2,753,270 |
$979,040
$189,976 |
$1,584,254 |
| 9 |
$2,890,940 |
$1,029,978
$199,475 |
$1,661,487 |
| 10 |
$3,035,500 |
$1,083,465
$209,450 |
$1,742,585 |
| 11 |
$3,187,210 |
$1,139,598
$219,917 |
$1,827,695 |
| 12 |
$3,346,590 |
$1,198,569
$230,915 |
$1,917,106 |
| 13 |
$3,513,900 |
$1,260,473
$242,459 |
$2,010,968 |
| 14 |
$3,689,660 |
$1,325,505
$254,587 |
$2,109,568 |
| 15 |
$3,874,130 |
$1,393,758
$267,315 |
$2,213,057 |
| 16 |
$4,067,830 |
$1,465,427
$280,680 |
$2,321,723 |
| 17 |
$4,271,150 |
$1,540,656
$294,709 |
$2,435,785 |
| 18 |
$4,484,740 |
$1,619,684
$309,447 |
$2,555,609 |
| 19 |
$4,708,990 |
$1,702,657
$324,920 |
$2,681,413 |
| 20 |
$4,944,420 |
$1,789,766
$341,165 |
$2,813,489 |
| 21 |
$5,191,680 |
$1,881,252
$358,226 |
$2,952,202 |
| 22 |
$5,451,290 |
$1,977,308
$376,139 |
$3,097,843 |
| 23 |
$5,723,770 |
$2,078,125
$394,940 |
$3,250,705 |
| 24 |
$6,010,030 |
$2,184,041
$414,692 |
$3,411,297 |
| 25 |
$6,310,460 |
$2,295,201
$435,422 |
$3,579,837 |
| 26 |
$6,626,100 |
$2,411,987
$457,201 |
$3,756,912 |
| 27 |
$6,957,340 |
$2,534,546
$480,056 |
$3,942,738 |
| 28 |
$7,305,220 |
$2,663,262
$504,060 |
$4,137,898 |
| 29 |
$7,670,520 |
$2,798,423
$529,266 |
$4,342,831 |
| 30 |
$8,054,020 |
$2,940,318
$555,727 |
$4,557,975 |
|
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