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 |
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Draw Date | Tue Oct 22, 2024 | Projected Jackpot | $205,000,000 | Cash Value | $97,500,000 |
Lumpsum Option Taxes and Payment |
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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 |
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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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