The jackpot for the MEGA Millions draw on Fri May 17, 2024, is projected to be $393 Million, with an option for a cash payout of $181.5 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 May 17, 2024 |
|---|
| Draw Date | Fri May 17, 2024 | | Projected Jackpot | $393,000,000 | | Cash Value | $181,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $181,500,000 | | Federal Tax(24%) | $43,560,000 | | Additional Federal Tax | $23,555,330 | | State Tax(6.9%) | $12,523,500 | | Net Lumpsum Payment | $101,861,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,915,043 |
$2,148,896
$408,138 |
$3,358,009 |
| 2 |
$6,210,972 |
$2,258,390
$428,557 |
$3,524,025 |
| 3 |
$6,521,442 |
$2,373,264
$449,979 |
$3,698,199 |
| 4 |
$6,847,632 |
$2,493,954
$472,487 |
$3,881,191 |
| 5 |
$7,189,935 |
$2,620,606
$496,106 |
$4,073,223 |
| 6 |
$7,549,530 |
$2,753,656
$520,918 |
$4,274,956 |
| 7 |
$7,926,810 |
$2,893,250
$546,950 |
$4,486,610 |
| 8 |
$8,323,347 |
$3,039,969
$574,311 |
$4,709,067 |
| 9 |
$8,739,534 |
$3,193,958
$603,028 |
$4,942,548 |
| 10 |
$9,176,550 |
$3,355,654
$633,182 |
$5,187,714 |
| 11 |
$9,635,181 |
$3,525,347
$664,827 |
$5,445,007 |
| 12 |
$10,116,999 |
$3,703,620
$698,073 |
$5,715,306 |
| 13 |
$10,622,790 |
$3,890,763
$732,973 |
$5,999,054 |
| 14 |
$11,154,126 |
$4,087,357
$769,635 |
$6,297,134 |
| 15 |
$11,711,793 |
$4,293,694
$808,114 |
$6,609,985 |
| 16 |
$12,297,363 |
$4,510,355
$848,518 |
$6,938,490 |
| 17 |
$12,912,015 |
$4,737,776
$890,929 |
$7,283,310 |
| 18 |
$13,557,714 |
$4,976,685
$935,482 |
$7,645,547 |
| 19 |
$14,235,639 |
$5,227,517
$982,259 |
$8,025,863 |
| 20 |
$14,947,362 |
$5,490,854
$1,031,368 |
$8,425,140 |
| 21 |
$15,694,848 |
$5,767,424
$1,082,945 |
$8,844,479 |
| 22 |
$16,479,669 |
$6,057,808
$1,137,097 |
$9,284,764 |
| 23 |
$17,303,397 |
$6,362,587
$1,193,934 |
$9,746,876 |
| 24 |
$18,168,783 |
$6,682,780
$1,253,646 |
$10,232,357 |
| 25 |
$19,077,006 |
$7,018,823
$1,316,313 |
$10,741,870 |
| 26 |
$20,031,210 |
$7,371,878
$1,382,153 |
$11,277,179 |
| 27 |
$21,032,574 |
$7,742,383
$1,451,248 |
$11,838,943 |
| 28 |
$22,084,242 |
$8,131,500
$1,523,813 |
$12,428,929 |
| 29 |
$23,188,572 |
$8,540,102
$1,600,011 |
$13,048,459 |
| 30 |
$24,347,922 |
$8,969,062
$1,680,007 |
$13,698,853 |
|
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