The jackpot for the MEGA Millions draw on Fri Jan 24, 2025, is projected to be $28 Million, with an option for a cash payout of $12.5 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 Fri Jan 24, 2025 |
|---|
| Draw Date | Fri Jan 24, 2025 | | Projected Jackpot | $28,000,000 | | Cash Value | $12,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $12,500,000 | | Federal Tax(24%) | $3,000,000 | | Additional Federal Tax | $1,585,330 | | State Tax(6.9%) | $862,500 | | Net Lumpsum Payment | $7,052,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$421,428 |
$116,259
$29,079 |
$276,090 |
| 2 |
$442,512 |
$124,060
$30,533 |
$287,919 |
| 3 |
$464,632 |
$132,244
$32,060 |
$300,328 |
| 4 |
$487,872 |
$140,843
$33,663 |
$313,366 |
| 5 |
$512,260 |
$149,867
$35,346 |
$327,047 |
| 6 |
$537,880 |
$159,346
$37,114 |
$341,420 |
| 7 |
$564,760 |
$169,292
$38,968 |
$356,500 |
| 8 |
$593,012 |
$179,745
$40,918 |
$372,349 |
| 9 |
$622,664 |
$190,716
$42,964 |
$388,984 |
| 10 |
$653,800 |
$202,236
$45,112 |
$406,452 |
| 11 |
$686,476 |
$214,327
$47,367 |
$424,782 |
| 12 |
$720,804 |
$227,028
$49,735 |
$444,041 |
| 13 |
$756,840 |
$240,361
$52,222 |
$464,257 |
| 14 |
$794,696 |
$254,368
$54,834 |
$485,494 |
| 15 |
$834,428 |
$269,069
$57,576 |
$507,783 |
| 16 |
$876,148 |
$284,505
$60,454 |
$531,189 |
| 17 |
$919,940 |
$300,708
$63,476 |
$555,756 |
| 18 |
$965,944 |
$317,730
$66,650 |
$581,564 |
| 19 |
$1,014,244 |
$335,601
$69,983 |
$608,660 |
| 20 |
$1,064,952 |
$354,363
$73,482 |
$637,107 |
| 21 |
$1,118,208 |
$374,067
$77,156 |
$666,985 |
| 22 |
$1,174,124 |
$394,756
$81,015 |
$698,353 |
| 23 |
$1,232,812 |
$416,471
$85,064 |
$731,277 |
| 24 |
$1,294,468 |
$439,284
$89,318 |
$765,866 |
| 25 |
$1,359,176 |
$463,226
$93,783 |
$802,167 |
| 26 |
$1,427,160 |
$488,380
$98,474 |
$840,306 |
| 27 |
$1,498,504 |
$514,777
$103,397 |
$880,330 |
| 28 |
$1,573,432 |
$542,500
$108,567 |
$922,365 |
| 29 |
$1,652,112 |
$571,612
$113,996 |
$966,504 |
| 30 |
$1,734,712 |
$602,174
$119,695 |
$1,012,843 |
|
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