The jackpot for the Powerball draw on Mon May 12, 2025, is projected to be $93 Million, with an option for a cash payout of $42.3 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 Mon May 12, 2025 |
|---|
| Draw Date | Mon May 12, 2025 | | Projected Jackpot | $93,000,000 | | Cash Value | $42,300,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $42,300,000 | | Federal Tax(24%) | $10,152,000 | | Additional Federal Tax | $5,459,330 | | State Tax(6.9%) | $2,918,700 | | Net Lumpsum Payment | $23,769,970 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,399,743 |
$478,235
$96,582 |
$824,926 |
| 2 |
$1,469,772 |
$504,146
$101,414 |
$864,212 |
| 3 |
$1,543,242 |
$531,330
$106,484 |
$905,428 |
| 4 |
$1,620,432 |
$559,890
$111,810 |
$948,732 |
| 5 |
$1,701,435 |
$589,861
$117,399 |
$994,175 |
| 6 |
$1,786,530 |
$621,346
$123,271 |
$1,041,913 |
| 7 |
$1,875,810 |
$654,380
$129,431 |
$1,091,999 |
| 8 |
$1,969,647 |
$689,100
$135,906 |
$1,144,641 |
| 9 |
$2,068,134 |
$725,540
$142,701 |
$1,199,893 |
| 10 |
$2,171,550 |
$763,804
$149,837 |
$1,257,909 |
| 11 |
$2,280,081 |
$803,960
$157,326 |
$1,318,795 |
| 12 |
$2,394,099 |
$846,147
$165,193 |
$1,382,759 |
| 13 |
$2,513,790 |
$890,433
$173,452 |
$1,449,905 |
| 14 |
$2,639,526 |
$936,955
$182,127 |
$1,520,444 |
| 15 |
$2,771,493 |
$985,783
$191,233 |
$1,594,477 |
| 16 |
$2,910,063 |
$1,037,054
$200,794 |
$1,672,215 |
| 17 |
$3,055,515 |
$1,090,871
$210,831 |
$1,753,813 |
| 18 |
$3,208,314 |
$1,147,407
$221,374 |
$1,839,533 |
| 19 |
$3,368,739 |
$1,206,764
$232,443 |
$1,929,532 |
| 20 |
$3,537,162 |
$1,269,080
$244,064 |
$2,024,018 |
| 21 |
$3,714,048 |
$1,334,528
$256,269 |
$2,123,251 |
| 22 |
$3,899,769 |
$1,403,245
$269,084 |
$2,227,440 |
| 23 |
$4,094,697 |
$1,475,368
$282,534 |
$2,336,795 |
| 24 |
$4,299,483 |
$1,551,139
$296,664 |
$2,451,680 |
| 25 |
$4,514,406 |
$1,630,661
$311,494 |
$2,572,251 |
| 26 |
$4,740,210 |
$1,714,208
$327,074 |
$2,698,928 |
| 27 |
$4,977,174 |
$1,801,885
$343,425 |
$2,831,864 |
| 28 |
$5,226,042 |
$1,893,966
$360,597 |
$2,971,479 |
| 29 |
$5,487,372 |
$1,990,658
$378,629 |
$3,118,085 |
| 30 |
$5,761,722 |
$2,092,168
$397,559 |
$3,271,995 |
|
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