South Carolina Lottery

SCLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri May 3, 2024 is estimated to be $284 Million, with a cash option of 127.6 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 3, 2024

Draw Date	Jackpot	Cash Option
Fri May 3, 2024	$284,000,000	$127,600,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$127,600,000
Federal Tax(24%)	$30,624,000
Additional Federal Tax	$16,548,330
State Tax(6.9%)	$8,804,400
Net Lumpsum Payment	$71,623,270

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$4,274,484	-$1,541,889 -$294,939	$2,437,656
2	$4,488,336	-$1,621,015 -$309,695	$2,557,626
3	$4,712,696	-$1,704,028 -$325,176	$2,683,492
4	$4,948,416	-$1,791,244 -$341,441	$2,815,731
5	$5,195,780	-$1,882,769 -$358,509	$2,954,502
6	$5,455,640	-$1,978,917 -$376,439	$3,100,284
7	$5,728,280	-$2,079,794 -$395,251	$3,253,235
8	$6,014,836	-$2,185,820 -$415,024	$3,413,992
9	$6,315,592	-$2,297,099 -$435,776	$3,582,717
10	$6,631,400	-$2,413,948 -$457,567	$3,759,885
11	$6,962,828	-$2,536,577 -$480,435	$3,945,816
12	$7,311,012	-$2,665,405 -$504,460	$4,141,147
13	$7,676,520	-$2,800,643 -$529,680	$4,346,197
14	$8,060,488	-$2,942,711 -$556,174	$4,561,603
15	$8,463,484	-$3,091,819 -$583,980	$4,787,685
16	$8,886,644	-$3,248,389 -$613,178	$5,025,077
17	$9,330,820	-$3,412,734 -$643,827	$5,274,259
18	$9,797,432	-$3,585,380 -$676,023	$5,536,029
19	$10,287,332	-$3,766,643 -$709,826	$5,810,863
20	$10,801,656	-$3,956,943 -$745,314	$6,099,399
21	$11,341,824	-$4,156,805 -$782,586	$6,402,433
22	$11,908,972	-$4,366,650 -$821,719	$6,720,603
23	$12,504,236	-$4,586,898 -$862,792	$7,054,546
24	$13,129,604	-$4,818,284 -$905,943	$7,405,377
25	$13,785,928	-$5,061,124 -$951,229	$7,773,575
26	$14,475,480	-$5,316,258 -$998,808	$8,160,414
27	$15,199,112	-$5,584,002 -$1,048,739	$8,566,371
28	$15,959,096	-$5,865,196 -$1,101,178	$8,992,722
29	$16,757,136	-$6,160,471 -$1,156,242	$9,440,423
30	$17,594,936	-$6,470,457 -$1,214,051	$9,910,428