The jackpot for the MEGA Millions draw on Fri Feb 28, 2025, is projected to be $197 Million, with an option for a cash payout of $91.9 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 Feb 28, 2025 |
|---|
| Draw Date | Fri Feb 28, 2025 | | Projected Jackpot | $197,000,000 | | Cash Value | $91,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $91,900,000 | | Federal Tax(24%) | $22,056,000 | | Additional Federal Tax | $11,907,330 | | State Tax(6.9%) | $6,341,100 | | Net Lumpsum Payment | $51,595,570 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,965,047 |
$1,057,398
$204,588 |
$1,703,061 |
| 2 |
$3,113,388 |
$1,112,284
$214,824 |
$1,786,280 |
| 3 |
$3,269,018 |
$1,169,867
$225,562 |
$1,873,589 |
| 4 |
$3,432,528 |
$1,230,366
$236,844 |
$1,965,318 |
| 5 |
$3,604,115 |
$1,293,853
$248,684 |
$2,061,578 |
| 6 |
$3,784,370 |
$1,360,547
$261,122 |
$2,162,701 |
| 7 |
$3,973,490 |
$1,430,522
$274,171 |
$2,268,797 |
| 8 |
$4,172,263 |
$1,504,068
$287,886 |
$2,380,309 |
| 9 |
$4,380,886 |
$1,581,258
$302,281 |
$2,497,347 |
| 10 |
$4,599,950 |
$1,662,312
$317,397 |
$2,620,241 |
| 11 |
$4,829,849 |
$1,747,375
$333,260 |
$2,749,214 |
| 12 |
$5,071,371 |
$1,836,738
$349,925 |
$2,884,708 |
| 13 |
$5,324,910 |
$1,930,547
$367,419 |
$3,026,944 |
| 14 |
$5,591,254 |
$2,029,094
$385,797 |
$3,176,363 |
| 15 |
$5,870,797 |
$2,132,525
$405,085 |
$3,333,187 |
| 16 |
$6,164,327 |
$2,241,131
$425,339 |
$3,497,857 |
| 17 |
$6,472,435 |
$2,355,131
$446,598 |
$3,670,706 |
| 18 |
$6,796,106 |
$2,474,890
$468,931 |
$3,852,285 |
| 19 |
$7,135,931 |
$2,600,625
$492,379 |
$4,042,927 |
| 20 |
$7,492,698 |
$2,732,629
$516,996 |
$4,243,073 |
| 21 |
$7,867,392 |
$2,871,265
$542,850 |
$4,453,277 |
| 22 |
$8,260,801 |
$3,016,827
$569,995 |
$4,673,979 |
| 23 |
$8,673,713 |
$3,169,604
$598,486 |
$4,905,623 |
| 24 |
$9,107,507 |
$3,330,108
$628,418 |
$5,148,981 |
| 25 |
$9,562,774 |
$3,498,557
$659,831 |
$5,404,386 |
| 26 |
$10,041,090 |
$3,675,534
$692,835 |
$5,672,721 |
| 27 |
$10,543,046 |
$3,861,257
$727,470 |
$5,954,319 |
| 28 |
$11,070,218 |
$4,056,311
$763,845 |
$6,250,062 |
| 29 |
$11,623,788 |
$4,261,132
$802,041 |
$6,560,615 |
| 30 |
$12,204,938 |
$4,476,157
$842,141 |
$6,886,640 |
|
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