South Carolina Lottery

SCLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri Jan 10, 2025 is estimated to be $77 Million, with a cash option of 34.1 Million. If you win the MEGA Millions jackpot, the IRS will withhold 24% of your prize money upfront, and you may owe up to an additional 13% in federal taxes when the tax is due. Additionally, if you are a resident of South Carolina, your state will take 6.9% of your lottery winnings.

Please note that the calculation of the Powerball jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

South Carolina MEGA Millions Jackpot/Cash Option for Fri Jan 10, 2025

Draw Date	Jackpot	Cash Option
Fri Jan 10, 2025	$77,000,000	$34,100,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$34,100,000
Federal Tax(24%)	$8,184,000
Additional Federal Tax	$4,393,330
State Tax(6.9%)	$2,352,900
Net Lumpsum Payment	$19,169,770

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,158,927	-$389,133 -$79,966	$689,828
2	$1,216,908	-$410,586 -$83,967	$722,355
3	$1,277,738	-$433,093 -$88,164	$756,481
4	$1,341,648	-$456,740 -$92,574	$792,334
5	$1,408,715	-$481,555 -$97,201	$829,959
6	$1,479,170	-$507,623 -$102,063	$869,484
7	$1,553,090	-$534,974 -$107,163	$910,953
8	$1,630,783	-$563,720 -$112,524	$954,539
9	$1,712,326	-$593,891 -$118,150	$1,000,285
10	$1,797,950	-$625,572 -$124,059	$1,048,319
11	$1,887,809	-$658,820 -$130,259	$1,098,730
12	$1,982,211	-$693,748 -$136,773	$1,151,690
13	$2,081,310	-$730,415 -$143,610	$1,207,285
14	$2,185,414	-$768,934 -$150,794	$1,265,686
15	$2,294,677	-$809,361 -$158,333	$1,326,983
16	$2,409,407	-$851,811 -$166,249	$1,391,347
17	$2,529,835	-$896,369 -$174,559	$1,458,907
18	$2,656,346	-$943,178 -$183,288	$1,529,880
19	$2,789,171	-$992,324 -$192,453	$1,604,394
20	$2,928,618	-$1,043,919 -$202,075	$1,682,624
21	$3,075,072	-$1,098,107 -$212,180	$1,764,785
22	$3,228,841	-$1,155,002 -$222,790	$1,851,049
23	$3,390,233	-$1,214,717 -$233,926	$1,941,590
24	$3,559,787	-$1,277,452 -$245,625	$2,036,710
25	$3,737,734	-$1,343,292 -$257,904	$2,136,538
26	$3,924,690	-$1,412,466 -$270,804	$2,241,420
27	$4,120,886	-$1,485,058 -$284,341	$2,351,487
28	$4,326,938	-$1,561,297 -$298,559	$2,467,082
29	$4,543,308	-$1,641,354 -$313,488	$2,588,466
30	$4,770,458	-$1,725,400 -$329,162	$2,715,896