The jackpot for the MEGA Millions draw on Fri Feb 7, 2025, is projected to be $94 Million, with an option for a cash payout of $42.3 Million. Should you be the lucky winner of the MEGA Millions jackpot, anticipate the IRS to initially withhold 24% of your winnings for taxes, and be prepared that you might need to pay up to an additional 13% in federal taxes at tax time. For South Carolina residents, the state will deduct 6.9% from your lottery earnings.
| South Carolina MEGA Millions Jackpot/Cash Option for Fri Feb 7, 2025 |
|---|
| Draw Date | Fri Feb 7, 2025 | | Projected Jackpot | $94,000,000 | | Cash Value | $42,300,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $42,300,000 | | Federal Tax(24%) | $10,152,000 | | Additional Federal Tax | $5,459,330 | | State Tax(6.9%) | $2,918,700 | | Net Lumpsum Payment | $23,769,970 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,414,794 |
$483,804
$97,621 |
$833,369 |
| 2 |
$1,485,576 |
$509,994
$102,505 |
$873,077 |
| 3 |
$1,559,836 |
$537,470
$107,629 |
$914,737 |
| 4 |
$1,637,856 |
$566,337
$113,012 |
$958,507 |
| 5 |
$1,719,730 |
$596,630
$118,661 |
$1,004,439 |
| 6 |
$1,805,740 |
$628,454
$124,596 |
$1,052,690 |
| 7 |
$1,895,980 |
$661,843
$130,823 |
$1,103,314 |
| 8 |
$1,990,826 |
$696,936
$137,367 |
$1,156,523 |
| 9 |
$2,090,372 |
$733,768
$144,236 |
$1,212,368 |
| 10 |
$2,194,900 |
$772,443
$151,448 |
$1,271,009 |
| 11 |
$2,304,598 |
$813,032
$159,017 |
$1,332,549 |
| 12 |
$2,419,842 |
$855,672
$166,969 |
$1,397,201 |
| 13 |
$2,540,820 |
$900,434
$175,317 |
$1,465,069 |
| 14 |
$2,667,908 |
$947,456
$184,086 |
$1,536,366 |
| 15 |
$2,801,294 |
$996,809
$193,289 |
$1,611,196 |
| 16 |
$2,941,354 |
$1,048,631
$202,953 |
$1,689,770 |
| 17 |
$3,088,370 |
$1,103,027
$213,098 |
$1,772,245 |
| 18 |
$3,242,812 |
$1,160,171
$223,754 |
$1,858,887 |
| 19 |
$3,404,962 |
$1,220,166
$234,942 |
$1,949,854 |
| 20 |
$3,575,196 |
$1,283,153
$246,689 |
$2,045,354 |
| 21 |
$3,753,984 |
$1,349,304
$259,025 |
$2,145,655 |
| 22 |
$3,941,702 |
$1,418,760
$271,977 |
$2,250,965 |
| 23 |
$4,138,726 |
$1,491,659
$285,572 |
$2,361,495 |
| 24 |
$4,345,714 |
$1,568,245
$299,854 |
$2,477,615 |
| 25 |
$4,562,948 |
$1,648,621
$314,843 |
$2,599,484 |
| 26 |
$4,791,180 |
$1,733,067
$330,591 |
$2,727,522 |
| 27 |
$5,030,692 |
$1,821,686
$347,118 |
$2,861,888 |
| 28 |
$5,282,236 |
$1,914,758
$364,474 |
$3,003,004 |
| 29 |
$5,546,376 |
$2,012,490
$382,700 |
$3,151,186 |
| 30 |
$5,823,676 |
$2,115,091
$401,834 |
$3,306,751 |
|
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