The jackpot for the MEGA Millions draw on Tue May 21, 2024, is projected to be $421 Million, with an option for a cash payout of $195.9 Million. Should you be the lucky winner of the MEGA Millions 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 MEGA Millions Jackpot/Cash Option for Tue May 21, 2024 |
|---|
| Draw Date | Tue May 21, 2024 | | Projected Jackpot | $421,000,000 | | Cash Value | $195,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $195,900,000 | | Federal Tax(24%) | $47,016,000 | | Additional Federal Tax | $25,427,330 | | State Tax(6.9%) | $13,517,100 | | Net Lumpsum Payment | $109,939,570 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$6,336,471 |
$2,304,825
$437,216 |
$3,594,430 |
| 2 |
$6,653,484 |
$2,422,119
$459,090 |
$3,772,275 |
| 3 |
$6,986,074 |
$2,545,178
$482,039 |
$3,958,857 |
| 4 |
$7,335,504 |
$2,674,467
$506,150 |
$4,154,887 |
| 5 |
$7,702,195 |
$2,810,143
$531,451 |
$4,360,601 |
| 6 |
$8,087,410 |
$2,952,672
$558,031 |
$4,576,707 |
| 7 |
$8,491,570 |
$3,102,211
$585,918 |
$4,803,441 |
| 8 |
$8,916,359 |
$3,259,383
$615,229 |
$5,041,747 |
| 9 |
$9,362,198 |
$3,424,344
$645,992 |
$5,291,862 |
| 10 |
$9,830,350 |
$3,597,560
$678,294 |
$5,554,496 |
| 11 |
$10,321,657 |
$3,779,343
$712,194 |
$5,830,120 |
| 12 |
$10,837,803 |
$3,970,317
$747,808 |
$6,119,678 |
| 13 |
$11,379,630 |
$4,170,793
$785,194 |
$6,423,643 |
| 14 |
$11,948,822 |
$4,381,395
$824,469 |
$6,742,958 |
| 15 |
$12,546,221 |
$4,602,432
$865,689 |
$7,078,100 |
| 16 |
$13,173,511 |
$4,834,529
$908,972 |
$7,430,010 |
| 17 |
$13,831,955 |
$5,078,154
$954,405 |
$7,799,396 |
| 18 |
$14,523,658 |
$5,334,084
$1,002,132 |
$8,187,442 |
| 19 |
$15,249,883 |
$5,602,787
$1,052,242 |
$8,594,854 |
| 20 |
$16,012,314 |
$5,884,887
$1,104,850 |
$9,022,577 |
| 21 |
$16,813,056 |
$6,181,161
$1,160,101 |
$9,471,794 |
| 22 |
$17,653,793 |
$6,492,234
$1,218,112 |
$9,943,447 |
| 23 |
$18,536,209 |
$6,818,728
$1,278,998 |
$10,438,483 |
| 24 |
$19,463,251 |
$7,161,733
$1,342,964 |
$10,958,554 |
| 25 |
$20,436,182 |
$7,521,718
$1,410,097 |
$11,504,367 |
| 26 |
$21,458,370 |
$7,899,927
$1,480,628 |
$12,077,815 |
| 27 |
$22,531,078 |
$8,296,829
$1,554,644 |
$12,679,605 |
| 28 |
$23,657,674 |
$8,713,670
$1,632,380 |
$13,311,624 |
| 29 |
$24,840,684 |
$9,151,383
$1,714,007 |
$13,975,294 |
| 30 |
$26,082,634 |
$9,610,905
$1,799,702 |
$14,672,027 |
|
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