The jackpot for the Powerball draw on Sat Jun 29, 2024, is projected to be $113 Million, with an option for a cash payout of $54.3 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 Jun 29, 2024 |
|---|
| Draw Date | Sat Jun 29, 2024 | | Projected Jackpot | $113,000,000 | | Cash Value | $54,300,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $54,300,000 | | Federal Tax(24%) | $13,032,000 | | Additional Federal Tax | $7,019,330 | | State Tax(6.9%) | $3,746,700 | | Net Lumpsum Payment | $30,501,970 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,700,763 |
$589,613
$117,353 |
$993,797 |
| 2 |
$1,785,852 |
$621,096
$123,224 |
$1,041,532 |
| 3 |
$1,875,122 |
$654,126
$129,383 |
$1,091,613 |
| 4 |
$1,968,912 |
$688,828
$135,855 |
$1,144,229 |
| 5 |
$2,067,335 |
$725,244
$142,646 |
$1,199,445 |
| 6 |
$2,170,730 |
$763,500
$149,780 |
$1,257,450 |
| 7 |
$2,279,210 |
$803,638
$157,265 |
$1,318,307 |
| 8 |
$2,393,227 |
$845,824
$165,133 |
$1,382,270 |
| 9 |
$2,512,894 |
$890,101
$173,390 |
$1,449,403 |
| 10 |
$2,638,550 |
$936,594
$182,060 |
$1,519,896 |
| 11 |
$2,770,421 |
$985,386
$191,159 |
$1,593,876 |
| 12 |
$2,908,959 |
$1,036,645
$200,718 |
$1,671,596 |
| 13 |
$3,054,390 |
$1,090,455
$210,753 |
$1,753,182 |
| 14 |
$3,207,166 |
$1,146,982
$221,294 |
$1,838,890 |
| 15 |
$3,367,513 |
$1,206,310
$232,358 |
$1,928,845 |
| 16 |
$3,535,883 |
$1,268,607
$243,976 |
$2,023,300 |
| 17 |
$3,712,615 |
$1,333,998
$256,170 |
$2,122,447 |
| 18 |
$3,898,274 |
$1,402,692
$268,981 |
$2,226,601 |
| 19 |
$4,093,199 |
$1,474,814
$282,431 |
$2,335,954 |
| 20 |
$4,297,842 |
$1,550,532
$296,551 |
$2,450,759 |
| 21 |
$4,512,768 |
$1,630,055
$311,381 |
$2,571,332 |
| 22 |
$4,738,429 |
$1,713,549
$326,952 |
$2,697,928 |
| 23 |
$4,975,277 |
$1,801,183
$343,294 |
$2,830,800 |
| 24 |
$5,224,103 |
$1,893,248
$360,463 |
$2,970,392 |
| 25 |
$5,485,246 |
$1,989,871
$378,482 |
$3,116,893 |
| 26 |
$5,759,610 |
$2,091,386
$397,413 |
$3,270,811 |
| 27 |
$6,047,534 |
$2,197,918
$417,280 |
$3,432,336 |
| 28 |
$6,349,922 |
$2,309,802
$438,145 |
$3,601,975 |
| 29 |
$6,667,452 |
$2,427,288
$460,054 |
$3,780,110 |
| 30 |
$7,000,802 |
$2,550,627
$483,055 |
$3,967,120 |
|
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