The jackpot for the Powerball draw on Sat Jan 18, 2025, is projected to be $331 Million, with an option for a cash payout of $145.1 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 18, 2025 |
|---|
| Draw Date | Sat Jan 18, 2025 | | Projected Jackpot | $331,000,000 | | Cash Value | $145,100,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $145,100,000 | | Federal Tax(24%) | $34,824,000 | | Additional Federal Tax | $18,823,330 | | State Tax(6.9%) | $10,011,900 | | Net Lumpsum Payment | $81,440,770 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,981,881 |
$1,803,626
$343,750 |
$2,834,505 |
| 2 |
$5,231,124 |
$1,895,846
$360,948 |
$2,974,330 |
| 3 |
$5,492,614 |
$1,992,598
$378,990 |
$3,121,026 |
| 4 |
$5,767,344 |
$2,094,248
$397,947 |
$3,275,149 |
| 5 |
$6,055,645 |
$2,200,919
$417,840 |
$3,436,886 |
| 6 |
$6,358,510 |
$2,312,979
$438,737 |
$3,606,794 |
| 7 |
$6,676,270 |
$2,430,550
$460,663 |
$3,785,057 |
| 8 |
$7,010,249 |
$2,554,123
$483,707 |
$3,972,419 |
| 9 |
$7,360,778 |
$2,683,818
$507,894 |
$4,169,066 |
| 10 |
$7,728,850 |
$2,820,005
$533,291 |
$4,375,554 |
| 11 |
$8,115,127 |
$2,962,927
$559,944 |
$4,592,256 |
| 12 |
$8,520,933 |
$3,113,076
$587,944 |
$4,819,913 |
| 13 |
$8,946,930 |
$3,270,694
$617,338 |
$5,058,898 |
| 14 |
$9,394,442 |
$3,436,274
$648,216 |
$5,309,952 |
| 15 |
$9,864,131 |
$3,610,059
$680,625 |
$5,573,447 |
| 16 |
$10,357,321 |
$3,792,539
$714,655 |
$5,850,127 |
| 17 |
$10,875,005 |
$3,984,082
$750,375 |
$6,140,548 |
| 18 |
$11,418,838 |
$4,185,300
$787,900 |
$6,445,638 |
| 19 |
$11,989,813 |
$4,396,561
$827,297 |
$6,765,955 |
| 20 |
$12,589,254 |
$4,618,354
$868,659 |
$7,102,241 |
| 21 |
$13,218,816 |
$4,851,292
$912,098 |
$7,455,426 |
| 22 |
$13,879,823 |
$5,095,865
$957,708 |
$7,826,250 |
| 23 |
$14,573,599 |
$5,352,562
$1,005,578 |
$8,215,459 |
| 24 |
$15,302,461 |
$5,622,241
$1,055,870 |
$8,624,350 |
| 25 |
$16,067,402 |
$5,905,269
$1,108,651 |
$9,053,482 |
| 26 |
$16,871,070 |
$6,202,626
$1,164,104 |
$9,504,340 |
| 27 |
$17,714,458 |
$6,514,680
$1,222,298 |
$9,977,480 |
| 28 |
$18,600,214 |
$6,842,410
$1,283,415 |
$10,474,389 |
| 29 |
$19,530,324 |
$7,186,550
$1,347,592 |
$10,996,182 |
| 30 |
$20,506,774 |
$7,547,837
$1,414,967 |
$11,543,970 |
|
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