The jackpot for the MEGA Millions draw on Fri Jun 28, 2024, is projected to be $116 Million, with an option for a cash payout of $55.4 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 Jun 28, 2024 |
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Draw Date | Fri Jun 28, 2024 | Projected Jackpot | $116,000,000 | Cash Value | $55,400,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $55,400,000 | Federal Tax(24%) | $13,296,000 | Additional Federal Tax | $7,162,330 | State Tax(6.9%) | $3,822,600 | Net Lumpsum Payment | $31,119,070 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$1,745,916 |
$606,319 $120,468 |
$1,019,129 |
2 |
$1,833,264 |
$638,638 $126,495 |
$1,068,131 |
3 |
$1,924,904 |
$672,545 $132,818 |
$1,119,541 |
4 |
$2,021,184 |
$708,168 $139,462 |
$1,173,554 |
5 |
$2,122,220 |
$745,552 $146,433 |
$1,230,235 |
6 |
$2,228,360 |
$784,824 $153,757 |
$1,289,779 |
7 |
$2,339,720 |
$826,027 $161,441 |
$1,352,252 |
8 |
$2,456,764 |
$869,333 $169,517 |
$1,417,914 |
9 |
$2,579,608 |
$914,785 $177,993 |
$1,486,830 |
10 |
$2,708,600 |
$962,512 $186,893 |
$1,559,195 |
11 |
$2,843,972 |
$1,012,600 $196,234 |
$1,635,138 |
12 |
$2,986,188 |
$1,065,220 $206,047 |
$1,714,921 |
13 |
$3,135,480 |
$1,120,458 $216,348 |
$1,798,674 |
14 |
$3,292,312 |
$1,178,486 $227,170 |
$1,886,656 |
15 |
$3,456,916 |
$1,239,389 $238,527 |
$1,979,000 |
16 |
$3,629,756 |
$1,303,340 $250,453 |
$2,075,963 |
17 |
$3,811,180 |
$1,370,467 $262,971 |
$2,177,742 |
18 |
$4,001,768 |
$1,440,985 $276,122 |
$2,284,661 |
19 |
$4,201,868 |
$1,515,022 $289,929 |
$2,396,917 |
20 |
$4,411,944 |
$1,592,750 $304,424 |
$2,514,770 |
21 |
$4,632,576 |
$1,674,384 $319,648 |
$2,638,544 |
22 |
$4,864,228 |
$1,760,095 $335,632 |
$2,768,501 |
23 |
$5,107,364 |
$1,850,055 $352,408 |
$2,904,901 |
24 |
$5,362,796 |
$1,944,565 $370,033 |
$3,048,198 |
25 |
$5,630,872 |
$2,043,753 $388,530 |
$3,198,589 |
26 |
$5,912,520 |
$2,147,963 $407,964 |
$3,356,593 |
27 |
$6,208,088 |
$2,257,323 $428,358 |
$3,522,407 |
28 |
$6,518,504 |
$2,372,177 $449,777 |
$3,696,550 |
29 |
$6,844,464 |
$2,492,782 $472,268 |
$3,879,414 |
30 |
$7,186,664 |
$2,619,396 $495,880 |
$4,071,388 |
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