Jackpot Analysis South Carolina Mega Millions

Jackpot Analysis for South Carolina Mega Millions
The jackpot for the MEGA Millions draw on Tue Jul 16, 2024, is projected to be $226 Million, with an option for a cash payout of $106.9 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 Jul 16, 2024
Draw DateTue Jul 16, 2024
Projected Jackpot$226,000,000
Cash Value$106,900,000

Lumpsum Option Taxes and Payment
Cash Gross Payment$106,900,000
Federal Tax(24%)$25,656,000
Additional Federal Tax$13,857,330
State Tax(6.9%)$7,376,100
Net Lumpsum Payment$60,010,570
Annuity Payment in 30 Installations
Yr Gross Payment Fed/State Taxes Net Payment
1 $3,401,526 $1,218,895
$234,705
$1,947,926
2 $3,571,704 $1,281,861
$246,448
$2,043,395
3 $3,750,244 $1,347,921
$258,767
$2,143,556
4 $3,937,824 $1,417,325
$271,710
$2,248,789
5 $4,134,670 $1,490,158
$285,292
$2,359,220
6 $4,341,460 $1,566,671
$299,561
$2,475,228
7 $4,558,420 $1,646,946
$314,531
$2,596,943
8 $4,786,454 $1,731,318
$330,265
$2,724,871
9 $5,025,788 $1,819,872
$346,779
$2,859,137
10 $5,277,100 $1,912,857
$364,120
$3,000,123
11 $5,540,842 $2,010,442
$382,318
$3,148,082
12 $5,817,918 $2,112,960
$401,436
$3,303,522
13 $6,108,780 $2,220,579
$421,506
$3,466,695
14 $6,414,332 $2,333,633
$442,589
$3,638,110
15 $6,735,026 $2,452,290
$464,717
$3,818,019
16 $7,071,766 $2,576,884
$487,952
$4,006,930
17 $7,425,230 $2,707,665
$512,341
$4,205,224
18 $7,796,548 $2,845,053
$537,962
$4,413,533
19 $8,186,398 $2,989,298
$564,861
$4,632,239
20 $8,595,684 $3,140,733
$593,102
$4,861,849
21 $9,025,536 $3,299,779
$622,762
$5,102,995
22 $9,476,858 $3,466,768
$653,903
$5,356,187
23 $9,950,554 $3,642,035
$686,588
$5,621,931
24 $10,448,206 $3,826,167
$720,926
$5,901,113
25 $10,970,492 $4,019,412
$756,964
$6,194,116
26 $11,519,220 $4,222,442
$794,826
$6,501,952
27 $12,095,068 $4,435,506
$834,560
$6,825,002
28 $12,699,844 $4,659,273
$876,289
$7,164,282
29 $13,334,904 $4,894,245
$920,108
$7,520,551
30 $14,001,604 $5,140,924
$966,111
$7,894,569