South Carolina Lottery

SCLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri May 10, 2024 is estimated to be $331 Million, with a cash option of 153.1 Million. If you win the MEGA Millions jackpot, the IRS will withhold 24% of your prize money upfront, and you may owe up to an additional 13% in federal taxes when the tax is due. Additionally, if you are a resident of South Carolina, your state will take 6.9% of your lottery winnings.

Please note that the calculation of the Powerball jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

South Carolina MEGA Millions Jackpot/Cash Option for Fri May 10, 2024

Draw Date	Jackpot	Cash Option
Fri May 10, 2024	$331,000,000	$153,100,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$153,100,000
Federal Tax(24%)	$36,744,000
Additional Federal Tax	$19,863,330
State Tax(6.9%)	$10,563,900
Net Lumpsum Payment	$85,928,770

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$4,981,881	-$1,803,626 -$343,750	$2,834,505
2	$5,231,124	-$1,895,846 -$360,948	$2,974,330
3	$5,492,614	-$1,992,598 -$378,990	$3,121,026
4	$5,767,344	-$2,094,248 -$397,947	$3,275,149
5	$6,055,645	-$2,200,919 -$417,840	$3,436,886
6	$6,358,510	-$2,312,979 -$438,737	$3,606,794
7	$6,676,270	-$2,430,550 -$460,663	$3,785,057
8	$7,010,249	-$2,554,123 -$483,707	$3,972,419
9	$7,360,778	-$2,683,818 -$507,894	$4,169,066
10	$7,728,850	-$2,820,005 -$533,291	$4,375,554
11	$8,115,127	-$2,962,927 -$559,944	$4,592,256
12	$8,520,933	-$3,113,076 -$587,944	$4,819,913
13	$8,946,930	-$3,270,694 -$617,338	$5,058,898
14	$9,394,442	-$3,436,274 -$648,216	$5,309,952
15	$9,864,131	-$3,610,059 -$680,625	$5,573,447
16	$10,357,321	-$3,792,539 -$714,655	$5,850,127
17	$10,875,005	-$3,984,082 -$750,375	$6,140,548
18	$11,418,838	-$4,185,300 -$787,900	$6,445,638
19	$11,989,813	-$4,396,561 -$827,297	$6,765,955
20	$12,589,254	-$4,618,354 -$868,659	$7,102,241
21	$13,218,816	-$4,851,292 -$912,098	$7,455,426
22	$13,879,823	-$5,095,865 -$957,708	$7,826,250
23	$14,573,599	-$5,352,562 -$1,005,578	$8,215,459
24	$15,302,461	-$5,622,241 -$1,055,870	$8,624,350
25	$16,067,402	-$5,905,269 -$1,108,651	$9,053,482
26	$16,871,070	-$6,202,626 -$1,164,104	$9,504,340
27	$17,714,458	-$6,514,680 -$1,222,298	$9,977,480
28	$18,600,214	-$6,842,410 -$1,283,415	$10,474,389
29	$19,530,324	-$7,186,550 -$1,347,592	$10,996,182
30	$20,506,774	-$7,547,837 -$1,414,967	$11,543,970