The jackpot for the Powerball draw on Sat May 3, 2025, is projected to be $44 Million, with an option for a cash payout of $20.3 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 3, 2025 |
|---|
| Draw Date | Sat May 3, 2025 | | Projected Jackpot | $44,000,000 | | Cash Value | $20,300,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $20,300,000 | | Federal Tax(24%) | $4,872,000 | | Additional Federal Tax | $2,599,330 | | State Tax(6.9%) | $1,400,700 | | Net Lumpsum Payment | $11,427,970 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$662,244 |
$205,361
$45,695 |
$411,188 |
| 2 |
$695,376 |
$217,620
$47,981 |
$429,775 |
| 3 |
$730,136 |
$230,481
$50,379 |
$449,276 |
| 4 |
$766,656 |
$243,993
$52,899 |
$469,764 |
| 5 |
$804,980 |
$258,173
$55,544 |
$491,263 |
| 6 |
$845,240 |
$273,069
$58,322 |
$513,849 |
| 7 |
$887,480 |
$288,698
$61,236 |
$537,546 |
| 8 |
$931,876 |
$305,125
$64,299 |
$562,452 |
| 9 |
$978,472 |
$322,365
$67,515 |
$588,592 |
| 10 |
$1,027,400 |
$340,468
$70,891 |
$616,041 |
| 11 |
$1,078,748 |
$359,467
$74,434 |
$644,847 |
| 12 |
$1,132,692 |
$379,426
$78,156 |
$675,110 |
| 13 |
$1,189,320 |
$400,379
$82,063 |
$706,878 |
| 14 |
$1,248,808 |
$422,389
$86,168 |
$740,251 |
| 15 |
$1,311,244 |
$445,491
$90,476 |
$775,277 |
| 16 |
$1,376,804 |
$469,748
$94,999 |
$812,057 |
| 17 |
$1,445,620 |
$495,210
$99,748 |
$850,662 |
| 18 |
$1,517,912 |
$521,958
$104,736 |
$891,218 |
| 19 |
$1,593,812 |
$550,041
$109,973 |
$933,798 |
| 20 |
$1,673,496 |
$579,524
$115,471 |
$978,501 |
| 21 |
$1,757,184 |
$610,488
$121,246 |
$1,025,450 |
| 22 |
$1,845,052 |
$643,000
$127,309 |
$1,074,743 |
| 23 |
$1,937,276 |
$677,123
$133,672 |
$1,126,481 |
| 24 |
$2,034,164 |
$712,971
$140,357 |
$1,180,836 |
| 25 |
$2,135,848 |
$750,594
$147,374 |
$1,237,880 |
| 26 |
$2,242,680 |
$790,122
$154,745 |
$1,297,813 |
| 27 |
$2,354,792 |
$831,603
$162,481 |
$1,360,708 |
| 28 |
$2,472,536 |
$875,169
$170,605 |
$1,426,762 |
| 29 |
$2,596,176 |
$920,916
$179,136 |
$1,496,124 |
| 30 |
$2,725,976 |
$968,942
$188,092 |
$1,568,942 |
|
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