The jackpot for the Powerball draw on Sat May 18, 2024, is projected to be $77 Million, with an option for a cash payout of $36 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 May 18, 2024 |
|---|
| Draw Date | Sat May 18, 2024 | | Projected Jackpot | $77,000,000 | | Cash Value | $36,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $36,000,000 | | Federal Tax(24%) | $8,640,000 | | Additional Federal Tax | $4,640,330 | | State Tax(6.9%) | $2,484,000 | | Net Lumpsum Payment | $20,235,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,158,927 |
$389,133
$79,966 |
$689,828 |
| 2 |
$1,216,908 |
$410,586
$83,967 |
$722,355 |
| 3 |
$1,277,738 |
$433,093
$88,164 |
$756,481 |
| 4 |
$1,341,648 |
$456,740
$92,574 |
$792,334 |
| 5 |
$1,408,715 |
$481,555
$97,201 |
$829,959 |
| 6 |
$1,479,170 |
$507,623
$102,063 |
$869,484 |
| 7 |
$1,553,090 |
$534,974
$107,163 |
$910,953 |
| 8 |
$1,630,783 |
$563,720
$112,524 |
$954,539 |
| 9 |
$1,712,326 |
$593,891
$118,150 |
$1,000,285 |
| 10 |
$1,797,950 |
$625,572
$124,059 |
$1,048,319 |
| 11 |
$1,887,809 |
$658,820
$130,259 |
$1,098,730 |
| 12 |
$1,982,211 |
$693,748
$136,773 |
$1,151,690 |
| 13 |
$2,081,310 |
$730,415
$143,610 |
$1,207,285 |
| 14 |
$2,185,414 |
$768,934
$150,794 |
$1,265,686 |
| 15 |
$2,294,677 |
$809,361
$158,333 |
$1,326,983 |
| 16 |
$2,409,407 |
$851,811
$166,249 |
$1,391,347 |
| 17 |
$2,529,835 |
$896,369
$174,559 |
$1,458,907 |
| 18 |
$2,656,346 |
$943,178
$183,288 |
$1,529,880 |
| 19 |
$2,789,171 |
$992,324
$192,453 |
$1,604,394 |
| 20 |
$2,928,618 |
$1,043,919
$202,075 |
$1,682,624 |
| 21 |
$3,075,072 |
$1,098,107
$212,180 |
$1,764,785 |
| 22 |
$3,228,841 |
$1,155,002
$222,790 |
$1,851,049 |
| 23 |
$3,390,233 |
$1,214,717
$233,926 |
$1,941,590 |
| 24 |
$3,559,787 |
$1,277,452
$245,625 |
$2,036,710 |
| 25 |
$3,737,734 |
$1,343,292
$257,904 |
$2,136,538 |
| 26 |
$3,924,690 |
$1,412,466
$270,804 |
$2,241,420 |
| 27 |
$4,120,886 |
$1,485,058
$284,341 |
$2,351,487 |
| 28 |
$4,326,938 |
$1,561,297
$298,559 |
$2,467,082 |
| 29 |
$4,543,308 |
$1,641,354
$313,488 |
$2,588,466 |
| 30 |
$4,770,458 |
$1,725,400
$329,162 |
$2,715,896 |
|
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