The jackpot for the MEGA Millions draw on Tue Oct 22, 2024, is projected to be $205 Million, with an option for a cash payout of $97.5 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 Oct 22, 2024 |
|---|
| Draw Date | Tue Oct 22, 2024 | | Projected Jackpot | $205,000,000 | | Cash Value | $97,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $97,500,000 | | Federal Tax(24%) | $23,400,000 | | Additional Federal Tax | $12,635,330 | | State Tax(6.9%) | $6,727,500 | | Net Lumpsum Payment | $54,737,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,085,455 |
$1,101,949
$212,896 |
$1,770,610 |
| 2 |
$3,239,820 |
$1,159,064
$223,548 |
$1,857,208 |
| 3 |
$3,401,770 |
$1,218,985
$234,722 |
$1,948,063 |
| 4 |
$3,571,920 |
$1,281,941
$246,462 |
$2,043,517 |
| 5 |
$3,750,475 |
$1,348,006
$258,783 |
$2,143,686 |
| 6 |
$3,938,050 |
$1,417,409
$271,725 |
$2,248,916 |
| 7 |
$4,134,850 |
$1,490,225
$285,305 |
$2,359,320 |
| 8 |
$4,341,695 |
$1,566,758
$299,577 |
$2,475,360 |
| 9 |
$4,558,790 |
$1,647,083
$314,557 |
$2,597,150 |
| 10 |
$4,786,750 |
$1,731,428
$330,286 |
$2,725,036 |
| 11 |
$5,025,985 |
$1,819,945
$346,793 |
$2,859,247 |
| 12 |
$5,277,315 |
$1,912,937
$364,135 |
$3,000,243 |
| 13 |
$5,541,150 |
$2,010,556
$382,339 |
$3,148,255 |
| 14 |
$5,818,310 |
$2,113,105
$401,463 |
$3,303,742 |
| 15 |
$6,109,205 |
$2,220,736
$421,535 |
$3,466,934 |
| 16 |
$6,414,655 |
$2,333,753
$442,611 |
$3,638,291 |
| 17 |
$6,735,275 |
$2,452,382
$464,734 |
$3,818,159 |
| 18 |
$7,072,090 |
$2,577,004
$487,974 |
$4,007,112 |
| 19 |
$7,425,715 |
$2,707,845
$512,374 |
$4,205,496 |
| 20 |
$7,796,970 |
$2,845,209
$537,991 |
$4,413,770 |
| 21 |
$8,186,880 |
$2,989,476
$564,895 |
$4,632,509 |
| 22 |
$8,596,265 |
$3,140,948
$593,142 |
$4,862,175 |
| 23 |
$9,025,945 |
$3,299,930
$622,790 |
$5,103,225 |
| 24 |
$9,477,355 |
$3,466,952
$653,937 |
$5,356,466 |
| 25 |
$9,951,110 |
$3,642,241
$686,627 |
$5,622,242 |
| 26 |
$10,448,850 |
$3,826,405
$720,971 |
$5,901,474 |
| 27 |
$10,971,190 |
$4,019,671
$757,012 |
$6,194,507 |
| 28 |
$11,519,770 |
$4,222,645
$794,864 |
$6,502,261 |
| 29 |
$12,095,820 |
$4,435,784
$834,612 |
$6,825,424 |
| 30 |
$12,700,570 |
$4,659,541
$876,339 |
$7,164,690 |
|
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