The jackpot for the MEGA Millions draw on Tue Jan 14, 2025, is projected to be $95 Million, with an option for a cash payout of $41.6 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 Jan 14, 2025 |
|---|
| Draw Date | Tue Jan 14, 2025 | | Projected Jackpot | $95,000,000 | | Cash Value | $41,600,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $41,600,000 | | Federal Tax(24%) | $9,984,000 | | Additional Federal Tax | $5,368,330 | | State Tax(6.9%) | $2,870,400 | | Net Lumpsum Payment | $23,377,270 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,429,845 |
$489,373
$98,659 |
$841,813 |
| 2 |
$1,501,380 |
$515,841
$103,595 |
$881,944 |
| 3 |
$1,576,430 |
$543,609
$108,774 |
$924,047 |
| 4 |
$1,655,280 |
$572,784
$114,214 |
$968,282 |
| 5 |
$1,738,025 |
$603,400
$119,924 |
$1,014,701 |
| 6 |
$1,824,950 |
$635,562
$125,922 |
$1,063,466 |
| 7 |
$1,916,150 |
$669,306
$132,214 |
$1,114,630 |
| 8 |
$2,012,005 |
$704,772
$138,828 |
$1,168,405 |
| 9 |
$2,112,610 |
$741,996
$145,770 |
$1,224,844 |
| 10 |
$2,218,250 |
$781,083
$153,059 |
$1,284,108 |
| 11 |
$2,329,115 |
$822,103
$160,709 |
$1,346,303 |
| 12 |
$2,445,585 |
$865,197
$168,745 |
$1,411,643 |
| 13 |
$2,567,850 |
$910,435
$177,182 |
$1,480,233 |
| 14 |
$2,696,290 |
$957,958
$186,044 |
$1,552,288 |
| 15 |
$2,831,095 |
$1,007,836
$195,346 |
$1,627,913 |
| 16 |
$2,972,645 |
$1,060,209
$205,113 |
$1,707,323 |
| 17 |
$3,121,225 |
$1,115,184
$215,365 |
$1,790,676 |
| 18 |
$3,277,310 |
$1,172,935
$226,134 |
$1,878,241 |
| 19 |
$3,441,185 |
$1,233,569
$237,442 |
$1,970,174 |
| 20 |
$3,613,230 |
$1,297,225
$249,313 |
$2,066,692 |
| 21 |
$3,793,920 |
$1,364,081
$261,780 |
$2,168,059 |
| 22 |
$3,983,635 |
$1,434,275
$274,871 |
$2,274,489 |
| 23 |
$4,182,755 |
$1,507,950
$288,610 |
$2,386,195 |
| 24 |
$4,391,945 |
$1,585,350
$303,044 |
$2,503,551 |
| 25 |
$4,611,490 |
$1,666,582
$318,193 |
$2,626,715 |
| 26 |
$4,842,150 |
$1,751,926
$334,108 |
$2,756,116 |
| 27 |
$5,084,210 |
$1,841,488
$350,810 |
$2,891,912 |
| 28 |
$5,338,430 |
$1,935,549
$368,352 |
$3,034,529 |
| 29 |
$5,605,380 |
$2,034,321
$386,771 |
$3,184,288 |
| 30 |
$5,885,630 |
$2,138,013
$406,108 |
$3,341,509 |
|
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