The jackpot for the Powerball draw on Sat Jan 11, 2025, is projected to be $263 Million, with an option for a cash payout of $117.7 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 Jan 11, 2025 |
|---|
| Draw Date | Sat Jan 11, 2025 | | Projected Jackpot | $263,000,000 | | Cash Value | $117,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $117,700,000 | | Federal Tax(24%) | $28,248,000 | | Additional Federal Tax | $15,261,330 | | State Tax(6.9%) | $8,121,300 | | Net Lumpsum Payment | $66,069,370 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,958,413 |
$1,424,943
$273,130 |
$2,260,340 |
| 2 |
$4,156,452 |
$1,498,218
$286,795 |
$2,371,439 |
| 3 |
$4,364,222 |
$1,575,093
$301,131 |
$2,487,998 |
| 4 |
$4,582,512 |
$1,655,860
$316,193 |
$2,610,459 |
| 5 |
$4,811,585 |
$1,740,617
$331,999 |
$2,738,969 |
| 6 |
$5,052,230 |
$1,829,655
$348,604 |
$2,873,971 |
| 7 |
$5,304,710 |
$1,923,073
$366,025 |
$3,015,612 |
| 8 |
$5,570,077 |
$2,021,259
$384,335 |
$3,164,483 |
| 9 |
$5,848,594 |
$2,124,310
$403,553 |
$3,320,731 |
| 10 |
$6,141,050 |
$2,232,519
$423,732 |
$3,484,799 |
| 11 |
$6,447,971 |
$2,346,080
$444,910 |
$3,656,981 |
| 12 |
$6,770,409 |
$2,465,382
$467,158 |
$3,837,869 |
| 13 |
$7,108,890 |
$2,590,620
$490,513 |
$4,027,757 |
| 14 |
$7,464,466 |
$2,722,183
$515,048 |
$4,227,235 |
| 15 |
$7,837,663 |
$2,860,266
$540,799 |
$4,436,598 |
| 16 |
$8,229,533 |
$3,005,258
$567,838 |
$4,656,437 |
| 17 |
$8,640,865 |
$3,157,450
$596,220 |
$4,887,195 |
| 18 |
$9,072,974 |
$3,317,331
$626,035 |
$5,129,608 |
| 19 |
$9,526,649 |
$3,485,191
$657,339 |
$5,384,119 |
| 20 |
$10,002,942 |
$3,661,419
$690,203 |
$5,651,320 |
| 21 |
$10,503,168 |
$3,846,503
$724,719 |
$5,931,946 |
| 22 |
$11,028,379 |
$4,040,831
$760,958 |
$6,226,590 |
| 23 |
$11,579,627 |
$4,244,792
$798,994 |
$6,535,841 |
| 24 |
$12,158,753 |
$4,459,069
$838,954 |
$6,860,730 |
| 25 |
$12,766,546 |
$4,683,952
$880,892 |
$7,201,702 |
| 26 |
$13,405,110 |
$4,920,221
$924,953 |
$7,559,936 |
| 27 |
$14,075,234 |
$5,168,167
$971,191 |
$7,935,876 |
| 28 |
$14,779,022 |
$5,428,569
$1,019,753 |
$8,330,700 |
| 29 |
$15,518,052 |
$5,702,010
$1,070,746 |
$8,745,296 |
| 30 |
$16,293,902 |
$5,989,074
$1,124,279 |
$9,180,549 |
|
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