The jackpot for the Powerball draw on Wed Jan 29, 2025, is projected to be $69 Million, with an option for a cash payout of $30.7 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 Wed Jan 29, 2025 |
|---|
| Draw Date | Wed Jan 29, 2025 | | Projected Jackpot | $69,000,000 | | Cash Value | $30,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $30,700,000 | | Federal Tax(24%) | $7,368,000 | | Additional Federal Tax | $3,951,330 | | State Tax(6.9%) | $2,118,300 | | Net Lumpsum Payment | $17,262,370 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,038,519 |
$344,582
$71,658 |
$622,279 |
| 2 |
$1,090,476 |
$363,807
$75,243 |
$651,426 |
| 3 |
$1,144,986 |
$383,975
$79,004 |
$682,007 |
| 4 |
$1,202,256 |
$405,165
$82,956 |
$714,135 |
| 5 |
$1,262,355 |
$427,402
$87,102 |
$747,851 |
| 6 |
$1,325,490 |
$450,762
$91,459 |
$783,269 |
| 7 |
$1,391,730 |
$475,270
$96,029 |
$820,431 |
| 8 |
$1,461,351 |
$501,030
$100,833 |
$859,488 |
| 9 |
$1,534,422 |
$528,067
$105,875 |
$900,480 |
| 10 |
$1,611,150 |
$556,456
$111,169 |
$943,525 |
| 11 |
$1,691,673 |
$586,249
$116,725 |
$988,699 |
| 12 |
$1,776,267 |
$617,549
$122,562 |
$1,036,156 |
| 13 |
$1,865,070 |
$650,406
$128,690 |
$1,085,974 |
| 14 |
$1,958,358 |
$684,923
$135,127 |
$1,138,308 |
| 15 |
$2,056,269 |
$721,150
$141,883 |
$1,193,236 |
| 16 |
$2,159,079 |
$759,190
$148,976 |
$1,250,913 |
| 17 |
$2,266,995 |
$799,119
$156,423 |
$1,311,453 |
| 18 |
$2,380,362 |
$841,064
$164,245 |
$1,375,053 |
| 19 |
$2,499,387 |
$885,104
$172,458 |
$1,441,825 |
| 20 |
$2,624,346 |
$931,338
$181,080 |
$1,511,928 |
| 21 |
$2,755,584 |
$979,896
$190,135 |
$1,585,553 |
| 22 |
$2,893,377 |
$1,030,880
$199,643 |
$1,662,854 |
| 23 |
$3,038,001 |
$1,084,391
$209,622 |
$1,743,988 |
| 24 |
$3,189,939 |
$1,140,608
$220,106 |
$1,829,225 |
| 25 |
$3,349,398 |
$1,199,608
$231,108 |
$1,918,682 |
| 26 |
$3,516,930 |
$1,261,594
$242,668 |
$2,012,668 |
| 27 |
$3,692,742 |
$1,326,645
$254,799 |
$2,111,298 |
| 28 |
$3,877,386 |
$1,394,963
$267,540 |
$2,214,883 |
| 29 |
$4,071,276 |
$1,466,703
$280,918 |
$2,323,655 |
| 30 |
$4,274,826 |
$1,542,016
$294,963 |
$2,437,847 |
|
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