South Carolina Lottery

SCLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Dec 24, 2024 is estimated to be $944 Million, with a cash option of 429.4 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 MEGA Millions jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

South Carolina MEGA Millions Jackpot/Cash Option for Tue Dec 24, 2024

Draw Date	Jackpot	Cash Option
Tue Dec 24, 2024	$944,000,000	$429,400,000

Lumpsum Option Taxes and Payment

Category	Amount
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

Year	Gross Payment	Fed/State Tax	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