The jackpot for the Powerball draw on Mon Mar 31, 2025, is projected to be $20 Million, with an option for a cash payout of $9.3 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 Mar 31, 2025 |
|---|
| Draw Date | Mon Mar 31, 2025 | | Projected Jackpot | $20,000,000 | | Cash Value | $9,300,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $9,300,000 | | Federal Tax(24%) | $2,232,000 | | Additional Federal Tax | $1,169,330 | | State Tax(6.9%) | $641,700 | | Net Lumpsum Payment | $5,256,970 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$301,020 |
$71,708
$20,770 |
$208,542 |
| 2 |
$316,080 |
$77,280
$21,810 |
$216,990 |
| 3 |
$331,880 |
$83,126
$22,900 |
$225,854 |
| 4 |
$348,480 |
$89,268
$24,045 |
$235,167 |
| 5 |
$365,900 |
$95,713
$25,247 |
$244,940 |
| 6 |
$384,200 |
$102,484
$26,510 |
$255,206 |
| 7 |
$403,400 |
$109,588
$27,835 |
$265,977 |
| 8 |
$423,580 |
$117,055
$29,227 |
$277,298 |
| 9 |
$444,760 |
$124,892
$30,688 |
$289,180 |
| 10 |
$467,000 |
$133,120
$32,223 |
$301,657 |
| 11 |
$490,340 |
$141,756
$33,833 |
$314,751 |
| 12 |
$514,860 |
$150,829
$35,525 |
$328,506 |
| 13 |
$540,600 |
$160,352
$37,301 |
$342,947 |
| 14 |
$567,640 |
$170,357
$39,167 |
$358,116 |
| 15 |
$596,020 |
$180,858
$41,125 |
$374,037 |
| 16 |
$625,820 |
$191,884
$43,182 |
$390,754 |
| 17 |
$657,100 |
$203,457
$45,340 |
$408,303 |
| 18 |
$689,960 |
$215,616
$47,607 |
$426,737 |
| 19 |
$724,460 |
$228,381
$49,988 |
$446,091 |
| 20 |
$760,680 |
$241,782
$52,487 |
$466,411 |
| 21 |
$798,720 |
$255,857
$55,112 |
$487,751 |
| 22 |
$838,660 |
$270,635
$57,868 |
$510,157 |
| 23 |
$880,580 |
$286,145
$60,760 |
$533,675 |
| 24 |
$924,620 |
$302,440
$63,799 |
$558,381 |
| 25 |
$970,840 |
$319,541
$66,988 |
$584,311 |
| 26 |
$1,019,400 |
$337,508
$70,339 |
$611,553 |
| 27 |
$1,070,360 |
$356,364
$73,855 |
$640,141 |
| 28 |
$1,123,880 |
$376,166
$77,548 |
$670,166 |
| 29 |
$1,180,080 |
$396,960
$81,426 |
$701,694 |
| 30 |
$1,239,080 |
$418,790
$85,497 |
$734,793 |
|
|
