The jackpot for the MEGA Millions draw on Tue Jun 18, 2024, is projected to be $61 Million, with an option for a cash payout of $29.3 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 Tue Jun 18, 2024 |
|---|
| Draw Date | Tue Jun 18, 2024 | | Projected Jackpot | $61,000,000 | | Cash Value | $29,300,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $29,300,000 | | Federal Tax(24%) | $7,032,000 | | Additional Federal Tax | $3,769,330 | | State Tax(6.9%) | $2,021,700 | | Net Lumpsum Payment | $16,476,970 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$918,111 |
$300,031
$63,350 |
$554,730 |
| 2 |
$964,044 |
$317,027
$66,519 |
$580,498 |
| 3 |
$1,012,234 |
$334,857
$69,844 |
$607,533 |
| 4 |
$1,062,864 |
$353,590
$73,338 |
$635,936 |
| 5 |
$1,115,995 |
$373,249
$77,004 |
$665,742 |
| 6 |
$1,171,810 |
$393,900
$80,855 |
$697,055 |
| 7 |
$1,230,370 |
$415,567
$84,896 |
$729,907 |
| 8 |
$1,291,919 |
$438,340
$89,142 |
$764,437 |
| 9 |
$1,356,518 |
$462,242
$93,600 |
$800,676 |
| 10 |
$1,424,350 |
$487,340
$98,280 |
$838,730 |
| 11 |
$1,495,537 |
$513,679
$103,192 |
$878,666 |
| 12 |
$1,570,323 |
$541,350
$108,352 |
$920,621 |
| 13 |
$1,648,830 |
$570,397
$113,769 |
$964,664 |
| 14 |
$1,731,302 |
$600,912
$119,460 |
$1,010,930 |
| 15 |
$1,817,861 |
$632,939
$125,432 |
$1,059,490 |
| 16 |
$1,908,751 |
$666,568
$131,704 |
$1,110,479 |
| 17 |
$2,004,155 |
$701,868
$138,287 |
$1,164,000 |
| 18 |
$2,104,378 |
$738,950
$145,202 |
$1,220,226 |
| 19 |
$2,209,603 |
$777,883
$152,463 |
$1,279,257 |
| 20 |
$2,320,074 |
$818,758
$160,085 |
$1,341,231 |
| 21 |
$2,436,096 |
$861,686
$168,091 |
$1,406,319 |
| 22 |
$2,557,913 |
$906,758
$176,496 |
$1,474,659 |
| 23 |
$2,685,769 |
$954,065
$185,318 |
$1,546,386 |
| 24 |
$2,820,091 |
$1,003,764
$194,586 |
$1,621,741 |
| 25 |
$2,961,062 |
$1,055,923
$204,313 |
$1,700,826 |
| 26 |
$3,109,170 |
$1,110,723
$214,533 |
$1,783,914 |
| 27 |
$3,264,598 |
$1,168,232
$225,257 |
$1,871,109 |
| 28 |
$3,427,834 |
$1,228,629
$236,521 |
$1,962,684 |
| 29 |
$3,599,244 |
$1,292,051
$248,348 |
$2,058,845 |
| 30 |
$3,779,194 |
$1,358,632
$260,764 |
$2,159,798 |
|
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