South Carolina Lottery

SCLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri Nov 22, 2024 is estimated to be $453 Million, with a cash option of 209.6 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 MEGA Millions jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

South Carolina MEGA Millions Jackpot/Cash Option for Fri Nov 22, 2024

Draw Date	Jackpot	Cash Option
Fri Nov 22, 2024	$453,000,000	$209,600,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$209,600,000
Federal Tax(24%)	$50,304,000
Additional Federal Tax	$27,208,330
State Tax(6.9%)	$14,462,400
Net Lumpsum Payment	$117,625,270

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$6,818,103	-$2,483,028 -$470,449	$3,864,626
2	$7,159,212	-$2,609,239 -$493,986	$4,055,987
3	$7,517,082	-$2,741,651 -$518,679	$4,256,752
4	$7,893,072	-$2,880,767 -$544,622	$4,467,683
5	$8,287,635	-$3,026,755 -$571,847	$4,689,033
6	$8,702,130	-$3,180,118 -$600,447	$4,921,565
7	$9,137,010	-$3,341,024 -$630,454	$5,165,532
8	$9,594,087	-$3,510,143 -$661,992	$5,421,952
9	$10,073,814	-$3,687,642 -$695,093	$5,691,079
10	$10,577,550	-$3,874,024 -$729,851	$5,973,675
11	$11,106,201	-$4,069,625 -$766,328	$6,270,248
12	$11,661,579	-$4,275,115 -$804,649	$6,581,815
13	$12,244,590	-$4,490,829 -$844,877	$6,908,884
14	$12,857,046	-$4,717,437 -$887,136	$7,252,473
15	$13,499,853	-$4,955,276 -$931,490	$7,613,087
16	$14,174,823	-$5,205,015 -$978,063	$7,991,745
17	$14,883,315	-$5,467,157 -$1,026,949	$8,389,209
18	$15,627,594	-$5,742,540 -$1,078,304	$8,806,750
19	$16,409,019	-$6,031,667 -$1,132,222	$9,245,130
20	$17,229,402	-$6,335,209 -$1,188,829	$9,705,364
21	$18,091,008	-$6,654,003 -$1,248,280	$10,188,725
22	$18,995,649	-$6,988,721 -$1,310,700	$10,696,228
23	$19,945,137	-$7,340,031 -$1,376,214	$11,228,892
24	$20,942,643	-$7,709,108 -$1,445,042	$11,788,493
25	$21,989,526	-$8,096,455 -$1,517,277	$12,375,794
26	$23,089,410	-$8,503,412 -$1,593,169	$12,992,829
27	$24,243,654	-$8,930,482 -$1,672,812	$13,640,360
28	$25,455,882	-$9,379,007 -$1,756,456	$14,320,419
29	$26,728,812	-$9,849,991 -$1,844,288	$15,034,533
30	$28,065,162	-$10,344,440 -$1,936,496	$15,784,226