Palmetto Cash 5
Latest draw · Sunday, July 5, 2026
Palmetto Cash 5 Tax Calculator
See what you'd really take home from a Palmetto Cash 5 prize after federal and South Carolina state tax — as a lump sum or a 30-year annuity.
- Prize (lump-sum cash)
- $200,000
- Federal tax
- − $41,687
- State tax (South Carolina · 6.4%)
- − $12,800
- Net take-home
- $145,514
Estimate only — uses single-filer federal brackets and South Carolina's top lottery-withholding rate. Actual tax depends on your total income, filing status and deductions. Not tax advice.
Palmetto Cash 5 tax FAQ
How much tax do you pay on a Palmetto Cash 5 jackpot in South Carolina?
On a $200,000 Palmetto Cash 5 jackpot taken as a lump sum, you'd pay about $41,687 in federal tax and $12,800 in South Carolina state tax, leaving roughly $145,514.
Does South Carolina tax Palmetto Cash 5 lottery winnings?
Yes — South Carolina withholds about 6.4% in state tax on Palmetto Cash 5 winnings, on top of federal tax.
Should I take the Palmetto Cash 5 lump sum or annuity?
The lump sum pays a smaller, discounted amount now with full control; the 30-year annuity pays the full advertised jackpot spread over time and can keep you in lower yearly tax brackets. The best choice depends on your goals and tax situation.