The jackpot for the MEGA Millions draw on Tue Dec 24, 2024, is projected to be $944 Million, with an option for a cash payout of $429.4 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 Dec 24, 2024 |
|---|
| Draw Date | Tue Dec 24, 2024 | | Projected Jackpot | $944,000,000 | | Cash Value | $429,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $429,400,000 | | Federal Tax(24%) | $103,056,000 | | Additional Federal Tax | $55,782,330 | | State Tax(6.9%) | $29,628,600 | | Net Lumpsum Payment | $240,933,070 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$14,208,144 |
$5,217,344
$980,362 |
$8,010,438 |
| 2 |
$14,918,976 |
$5,480,352
$1,029,409 |
$8,409,215 |
| 3 |
$15,664,736 |
$5,756,283
$1,080,867 |
$8,827,586 |
| 4 |
$16,448,256 |
$6,046,185
$1,134,930 |
$9,267,141 |
| 5 |
$17,270,480 |
$6,350,408
$1,191,663 |
$9,728,409 |
| 6 |
$18,134,240 |
$6,669,999
$1,251,263 |
$10,212,978 |
| 7 |
$19,040,480 |
$7,005,308
$1,313,793 |
$10,721,379 |
| 8 |
$19,992,976 |
$7,357,732
$1,379,515 |
$11,255,729 |
| 9 |
$20,992,672 |
$7,727,619
$1,448,494 |
$11,816,559 |
| 10 |
$22,042,400 |
$8,116,018
$1,520,926 |
$12,405,456 |
| 11 |
$23,144,048 |
$8,523,628
$1,596,939 |
$13,023,481 |
| 12 |
$24,301,392 |
$8,951,845
$1,676,796 |
$13,672,751 |
| 13 |
$25,516,320 |
$9,401,369
$1,760,626 |
$14,354,325 |
| 14 |
$26,792,608 |
$9,873,595
$1,848,690 |
$15,070,323 |
| 15 |
$28,132,144 |
$10,369,224
$1,941,118 |
$15,821,802 |
| 16 |
$29,538,704 |
$10,889,651
$2,038,171 |
$16,610,882 |
| 17 |
$31,015,120 |
$11,435,925
$2,140,043 |
$17,439,152 |
| 18 |
$32,566,112 |
$12,009,792
$2,247,062 |
$18,309,258 |
| 19 |
$34,194,512 |
$12,612,300
$2,359,421 |
$19,222,791 |
| 20 |
$35,904,096 |
$13,244,846
$2,477,383 |
$20,181,867 |
| 21 |
$37,699,584 |
$13,909,176
$2,601,271 |
$21,189,137 |
| 22 |
$39,584,752 |
$14,606,689
$2,731,348 |
$22,246,715 |
| 23 |
$41,563,376 |
$15,338,780
$2,867,873 |
$23,356,723 |
| 24 |
$43,642,064 |
$16,107,894
$3,011,302 |
$24,522,868 |
| 25 |
$45,823,648 |
$16,915,080
$3,161,832 |
$25,746,736 |
| 26 |
$48,115,680 |
$17,763,132
$3,319,982 |
$27,032,566 |
| 27 |
$50,520,992 |
$18,653,097
$3,485,948 |
$28,381,947 |
| 28 |
$53,047,136 |
$19,587,771
$3,660,252 |
$29,799,113 |
| 29 |
$55,699,776 |
$20,569,248
$3,843,285 |
$31,287,243 |
| 30 |
$58,484,576 |
$21,599,624
$4,035,436 |
$32,849,516 |
|
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