The jackpot for the MEGA Millions draw on Fri Jun 28, 2024, is projected to be $116 Million, with an option for a cash payout of $55.4 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 Fri Jun 28, 2024 |
|---|
| Draw Date | Fri Jun 28, 2024 | | Projected Jackpot | $116,000,000 | | Cash Value | $55,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $55,400,000 | | Federal Tax(24%) | $13,296,000 | | Additional Federal Tax | $7,162,330 | | State Tax(6.9%) | $3,822,600 | | Net Lumpsum Payment | $31,119,070 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,745,916 |
$606,319
$120,468 |
$1,019,129 |
| 2 |
$1,833,264 |
$638,638
$126,495 |
$1,068,131 |
| 3 |
$1,924,904 |
$672,545
$132,818 |
$1,119,541 |
| 4 |
$2,021,184 |
$708,168
$139,462 |
$1,173,554 |
| 5 |
$2,122,220 |
$745,552
$146,433 |
$1,230,235 |
| 6 |
$2,228,360 |
$784,824
$153,757 |
$1,289,779 |
| 7 |
$2,339,720 |
$826,027
$161,441 |
$1,352,252 |
| 8 |
$2,456,764 |
$869,333
$169,517 |
$1,417,914 |
| 9 |
$2,579,608 |
$914,785
$177,993 |
$1,486,830 |
| 10 |
$2,708,600 |
$962,512
$186,893 |
$1,559,195 |
| 11 |
$2,843,972 |
$1,012,600
$196,234 |
$1,635,138 |
| 12 |
$2,986,188 |
$1,065,220
$206,047 |
$1,714,921 |
| 13 |
$3,135,480 |
$1,120,458
$216,348 |
$1,798,674 |
| 14 |
$3,292,312 |
$1,178,486
$227,170 |
$1,886,656 |
| 15 |
$3,456,916 |
$1,239,389
$238,527 |
$1,979,000 |
| 16 |
$3,629,756 |
$1,303,340
$250,453 |
$2,075,963 |
| 17 |
$3,811,180 |
$1,370,467
$262,971 |
$2,177,742 |
| 18 |
$4,001,768 |
$1,440,985
$276,122 |
$2,284,661 |
| 19 |
$4,201,868 |
$1,515,022
$289,929 |
$2,396,917 |
| 20 |
$4,411,944 |
$1,592,750
$304,424 |
$2,514,770 |
| 21 |
$4,632,576 |
$1,674,384
$319,648 |
$2,638,544 |
| 22 |
$4,864,228 |
$1,760,095
$335,632 |
$2,768,501 |
| 23 |
$5,107,364 |
$1,850,055
$352,408 |
$2,904,901 |
| 24 |
$5,362,796 |
$1,944,565
$370,033 |
$3,048,198 |
| 25 |
$5,630,872 |
$2,043,753
$388,530 |
$3,198,589 |
| 26 |
$5,912,520 |
$2,147,963
$407,964 |
$3,356,593 |
| 27 |
$6,208,088 |
$2,257,323
$428,358 |
$3,522,407 |
| 28 |
$6,518,504 |
$2,372,177
$449,777 |
$3,696,550 |
| 29 |
$6,844,464 |
$2,492,782
$472,268 |
$3,879,414 |
| 30 |
$7,186,664 |
$2,619,396
$495,880 |
$4,071,388 |
|
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