South Carolina Lottery

SCLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Jan 21, 2025 is estimated to be $20 Million, with a cash option of 8.9 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 Jan 21, 2025

Draw Date	Jackpot	Cash Option
Tue Jan 21, 2025	$20,000,000	$8,900,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$8,900,000
Federal Tax(24%)	$2,136,000
Additional Federal Tax	$1,117,330
State Tax(6.9%)	$614,100
Net Lumpsum Payment	$5,032,570

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$301,020	-$71,708 -$20,770	$208,542
2	$316,080	-$77,280 -$21,810	$216,990
3	$331,880	-$83,126 -$22,900	$225,854
4	$348,480	-$89,268 -$24,045	$235,167
5	$365,900	-$95,713 -$25,247	$244,940
6	$384,200	-$102,484 -$26,510	$255,206
7	$403,400	-$109,588 -$27,835	$265,977
8	$423,580	-$117,055 -$29,227	$277,298
9	$444,760	-$124,892 -$30,688	$289,180
10	$467,000	-$133,120 -$32,223	$301,657
11	$490,340	-$141,756 -$33,833	$314,751
12	$514,860	-$150,829 -$35,525	$328,506
13	$540,600	-$160,352 -$37,301	$342,947
14	$567,640	-$170,357 -$39,167	$358,116
15	$596,020	-$180,858 -$41,125	$374,037
16	$625,820	-$191,884 -$43,182	$390,754
17	$657,100	-$203,457 -$45,340	$408,303
18	$689,960	-$215,616 -$47,607	$426,737
19	$724,460	-$228,381 -$49,988	$446,091
20	$760,680	-$241,782 -$52,487	$466,411
21	$798,720	-$255,857 -$55,112	$487,751
22	$838,660	-$270,635 -$57,868	$510,157
23	$880,580	-$286,145 -$60,760	$533,675
24	$924,620	-$302,440 -$63,799	$558,381
25	$970,840	-$319,541 -$66,988	$584,311
26	$1,019,400	-$337,508 -$70,339	$611,553
27	$1,070,360	-$356,364 -$73,855	$640,141
28	$1,123,880	-$376,166 -$77,548	$670,166
29	$1,180,080	-$396,960 -$81,426	$701,694
30	$1,239,080	-$418,790 -$85,497	$734,793