The jackpot for the MEGA Millions draw on Fri Oct 4, 2024, is projected to be $108 Million, with an option for a cash payout of $53.8 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 Fri Oct 4, 2024 |
|---|
| Draw Date | Fri Oct 4, 2024 | | Projected Jackpot | $108,000,000 | | Cash Value | $53,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $53,800,000 | | Federal Tax(24%) | $12,912,000 | | Additional Federal Tax | $6,954,330 | | State Tax(6.9%) | $3,712,200 | | Net Lumpsum Payment | $30,221,470 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,625,508 |
$561,768
$112,160 |
$951,580 |
| 2 |
$1,706,832 |
$591,858
$117,771 |
$997,203 |
| 3 |
$1,792,152 |
$623,427
$123,658 |
$1,045,067 |
| 4 |
$1,881,792 |
$656,593
$129,844 |
$1,095,355 |
| 5 |
$1,975,860 |
$691,399
$136,334 |
$1,148,127 |
| 6 |
$2,074,680 |
$727,962
$143,153 |
$1,203,565 |
| 7 |
$2,178,360 |
$766,324
$150,307 |
$1,261,729 |
| 8 |
$2,287,332 |
$806,643
$157,826 |
$1,322,863 |
| 9 |
$2,401,704 |
$848,961
$165,718 |
$1,387,025 |
| 10 |
$2,521,800 |
$893,396
$174,004 |
$1,454,400 |
| 11 |
$2,647,836 |
$940,030
$182,701 |
$1,525,105 |
| 12 |
$2,780,244 |
$989,021
$191,837 |
$1,599,386 |
| 13 |
$2,919,240 |
$1,040,449
$201,428 |
$1,677,363 |
| 14 |
$3,065,256 |
$1,094,475
$211,503 |
$1,759,278 |
| 15 |
$3,218,508 |
$1,151,178
$222,077 |
$1,845,253 |
| 16 |
$3,379,428 |
$1,210,719
$233,181 |
$1,935,528 |
| 17 |
$3,548,340 |
$1,273,216
$244,835 |
$2,030,289 |
| 18 |
$3,725,784 |
$1,338,870
$257,079 |
$2,129,835 |
| 19 |
$3,912,084 |
$1,407,801
$269,934 |
$2,234,349 |
| 20 |
$4,107,672 |
$1,480,169
$283,429 |
$2,344,074 |
| 21 |
$4,313,088 |
$1,556,173
$297,603 |
$2,459,312 |
| 22 |
$4,528,764 |
$1,635,973
$312,485 |
$2,580,306 |
| 23 |
$4,755,132 |
$1,719,729
$328,104 |
$2,707,299 |
| 24 |
$4,992,948 |
$1,807,721
$344,513 |
$2,840,714 |
| 25 |
$5,242,536 |
$1,900,069
$361,735 |
$2,980,732 |
| 26 |
$5,504,760 |
$1,997,092
$379,828 |
$3,127,840 |
| 27 |
$5,779,944 |
$2,098,910
$398,816 |
$3,282,218 |
| 28 |
$6,068,952 |
$2,205,843
$418,758 |
$3,444,351 |
| 29 |
$6,372,432 |
$2,318,130
$439,698 |
$3,614,604 |
| 30 |
$6,691,032 |
$2,436,012
$461,681 |
$3,793,339 |
|
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