The jackpot for the MEGA Millions draw on Tue May 14, 2024, is projected to be $363 Million, with an option for a cash payout of $166.9 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 Tue May 14, 2024 |
|---|
| Draw Date | Tue May 14, 2024 | | Projected Jackpot | $363,000,000 | | Cash Value | $166,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $166,900,000 | | Federal Tax(24%) | $40,056,000 | | Additional Federal Tax | $21,657,330 | | State Tax(6.9%) | $11,516,100 | | Net Lumpsum Payment | $93,670,570 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,463,513 |
$1,981,830
$376,982 |
$3,104,701 |
| 2 |
$5,736,852 |
$2,082,966
$395,843 |
$3,258,043 |
| 3 |
$6,023,622 |
$2,189,071
$415,630 |
$3,418,921 |
| 4 |
$6,324,912 |
$2,300,548
$436,419 |
$3,587,945 |
| 5 |
$6,641,085 |
$2,417,532
$458,235 |
$3,765,318 |
| 6 |
$6,973,230 |
$2,540,425
$481,153 |
$3,951,652 |
| 7 |
$7,321,710 |
$2,669,363
$505,198 |
$4,147,149 |
| 8 |
$7,687,977 |
$2,804,882
$530,470 |
$4,352,625 |
| 9 |
$8,072,394 |
$2,947,116
$556,995 |
$4,568,283 |
| 10 |
$8,476,050 |
$3,096,469
$584,847 |
$4,794,734 |
| 11 |
$8,899,671 |
$3,253,209
$614,077 |
$5,032,385 |
| 12 |
$9,344,709 |
$3,417,873
$644,785 |
$5,282,051 |
| 13 |
$9,811,890 |
$3,590,730
$677,020 |
$5,544,140 |
| 14 |
$10,302,666 |
$3,772,317
$710,884 |
$5,819,465 |
| 15 |
$10,817,763 |
$3,962,903
$746,426 |
$6,108,434 |
| 16 |
$11,358,633 |
$4,163,025
$783,746 |
$6,411,862 |
| 17 |
$11,926,365 |
$4,373,085
$822,919 |
$6,730,361 |
| 18 |
$12,522,774 |
$4,593,757
$864,071 |
$7,064,946 |
| 19 |
$13,148,949 |
$4,825,442
$907,277 |
$7,416,230 |
| 20 |
$13,806,342 |
$5,068,677
$952,638 |
$7,785,027 |
| 21 |
$14,496,768 |
$5,324,135
$1,000,277 |
$8,172,356 |
| 22 |
$15,221,679 |
$5,592,352
$1,050,296 |
$8,579,031 |
| 23 |
$15,982,527 |
$5,873,865
$1,102,794 |
$9,005,868 |
| 24 |
$16,781,853 |
$6,169,616
$1,157,948 |
$9,454,289 |
| 25 |
$17,620,746 |
$6,480,006
$1,215,831 |
$9,924,909 |
| 26 |
$18,502,110 |
$6,806,111
$1,276,646 |
$10,419,353 |
| 27 |
$19,427,034 |
$7,148,333
$1,340,465 |
$10,938,236 |
| 28 |
$20,398,422 |
$7,507,747
$1,407,491 |
$11,483,184 |
| 29 |
$21,418,452 |
$7,885,158
$1,477,873 |
$12,055,421 |
| 30 |
$22,489,302 |
$8,281,372
$1,551,762 |
$12,656,168 |
|
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