South Carolina Lottery

SCLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri Sep 20, 2024 is estimated to be $47 Million, with a cash option of 23.9 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 Sep 20, 2024

Draw Date	Jackpot	Cash Option
Fri Sep 20, 2024	$47,000,000	$23,900,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$23,900,000
Federal Tax(24%)	$5,736,000
Additional Federal Tax	$3,067,330
State Tax(6.9%)	$1,649,100
Net Lumpsum Payment	$13,447,570

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$707,397	-$222,067 -$48,810	$436,520
2	$742,788	-$235,162 -$51,252	$456,374
3	$779,918	-$248,900 -$53,814	$477,204
4	$818,928	-$263,334 -$56,506	$499,088
5	$859,865	-$278,480 -$59,331	$522,054
6	$902,870	-$294,392 -$62,298	$546,180
7	$947,990	-$311,087 -$65,411	$571,492
8	$995,413	-$328,633 -$68,683	$598,097
9	$1,045,186	-$347,049 -$72,118	$626,019
10	$1,097,450	-$366,387 -$75,724	$655,339
11	$1,152,299	-$386,681 -$79,509	$686,109
12	$1,209,921	-$408,001 -$83,485	$718,435
13	$1,270,410	-$430,382 -$87,658	$752,370
14	$1,333,954	-$453,893 -$92,043	$788,018
15	$1,400,647	-$478,570 -$96,645	$825,432
16	$1,470,677	-$504,481 -$101,477	$864,719
17	$1,544,185	-$531,679 -$106,549	$905,957
18	$1,621,406	-$560,251 -$111,877	$949,278
19	$1,702,481	-$590,248 -$117,471	$994,762
20	$1,787,598	-$621,742 -$123,344	$1,042,512
21	$1,876,992	-$654,817 -$129,512	$1,092,663
22	$1,970,851	-$689,545 -$135,989	$1,145,317
23	$2,069,363	-$725,995 -$142,786	$1,200,582
24	$2,172,857	-$764,287 -$149,927	$1,258,643
25	$2,281,474	-$804,476 -$157,422	$1,319,576
26	$2,395,590	-$846,699 -$165,296	$1,383,595
27	$2,515,346	-$891,008 -$173,559	$1,450,779
28	$2,641,118	-$937,544 -$182,237	$1,521,337
29	$2,773,188	-$986,410 -$191,350	$1,595,428
30	$2,911,838	-$1,037,710 -$200,917	$1,673,211