The jackpot for the Powerball draw on Sat May 11, 2024, is projected to be $36 Million, with an option for a cash payout of $16.8 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 11, 2024 |
|---|
| Draw Date | Sat May 11, 2024 | | Projected Jackpot | $36,000,000 | | Cash Value | $16,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $16,800,000 | | Federal Tax(24%) | $4,032,000 | | Additional Federal Tax | $2,144,330 | | State Tax(6.9%) | $1,159,200 | | Net Lumpsum Payment | $9,464,470 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$541,836 |
$160,810
$37,387 |
$343,639 |
| 2 |
$568,944 |
$170,840
$39,257 |
$358,847 |
| 3 |
$597,384 |
$181,362
$41,219 |
$374,803 |
| 4 |
$627,264 |
$192,418
$43,281 |
$391,565 |
| 5 |
$658,620 |
$204,020
$45,445 |
$409,155 |
| 6 |
$691,560 |
$216,208
$47,718 |
$427,634 |
| 7 |
$726,120 |
$228,995
$50,102 |
$447,023 |
| 8 |
$762,444 |
$242,435
$52,609 |
$467,400 |
| 9 |
$800,568 |
$256,541
$55,239 |
$488,788 |
| 10 |
$840,600 |
$271,352
$58,001 |
$511,247 |
| 11 |
$882,612 |
$286,897
$60,900 |
$534,815 |
| 12 |
$926,748 |
$303,227
$63,946 |
$559,575 |
| 13 |
$973,080 |
$320,370
$67,143 |
$585,567 |
| 14 |
$1,021,752 |
$338,379
$70,501 |
$612,872 |
| 15 |
$1,072,836 |
$357,280
$74,026 |
$641,530 |
| 16 |
$1,126,476 |
$377,127
$77,727 |
$671,622 |
| 17 |
$1,182,780 |
$397,959
$81,612 |
$703,209 |
| 18 |
$1,241,928 |
$419,844
$85,693 |
$736,391 |
| 19 |
$1,304,028 |
$442,821
$89,978 |
$771,229 |
| 20 |
$1,369,224 |
$466,943
$94,476 |
$807,805 |
| 21 |
$1,437,696 |
$492,278
$99,201 |
$846,217 |
| 22 |
$1,509,588 |
$518,878
$104,162 |
$886,548 |
| 23 |
$1,585,044 |
$546,797
$109,368 |
$928,879 |
| 24 |
$1,664,316 |
$576,127
$114,838 |
$973,351 |
| 25 |
$1,747,512 |
$606,910
$120,578 |
$1,020,024 |
| 26 |
$1,834,920 |
$639,251
$126,609 |
$1,069,060 |
| 27 |
$1,926,648 |
$673,190
$132,939 |
$1,120,519 |
| 28 |
$2,022,984 |
$708,834
$139,586 |
$1,174,564 |
| 29 |
$2,124,144 |
$746,264
$146,566 |
$1,231,314 |
| 30 |
$2,230,344 |
$785,558
$153,894 |
$1,290,892 |
|
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