The jackpot for the MEGA Millions draw on Tue May 21, 2024, is projected to be $421 Million, with an option for a cash payout of $195.9 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 Tue May 21, 2024 |
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Draw Date | Tue May 21, 2024 | Projected Jackpot | $421,000,000 | Cash Value | $195,900,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $195,900,000 | Federal Tax(24%) | $47,016,000 | Additional Federal Tax | $25,427,330 | State Tax(6.9%) | $13,517,100 | Net Lumpsum Payment | $109,939,570 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$6,336,471 |
$2,304,825 $437,216 |
$3,594,430 |
2 |
$6,653,484 |
$2,422,119 $459,090 |
$3,772,275 |
3 |
$6,986,074 |
$2,545,178 $482,039 |
$3,958,857 |
4 |
$7,335,504 |
$2,674,467 $506,150 |
$4,154,887 |
5 |
$7,702,195 |
$2,810,143 $531,451 |
$4,360,601 |
6 |
$8,087,410 |
$2,952,672 $558,031 |
$4,576,707 |
7 |
$8,491,570 |
$3,102,211 $585,918 |
$4,803,441 |
8 |
$8,916,359 |
$3,259,383 $615,229 |
$5,041,747 |
9 |
$9,362,198 |
$3,424,344 $645,992 |
$5,291,862 |
10 |
$9,830,350 |
$3,597,560 $678,294 |
$5,554,496 |
11 |
$10,321,657 |
$3,779,343 $712,194 |
$5,830,120 |
12 |
$10,837,803 |
$3,970,317 $747,808 |
$6,119,678 |
13 |
$11,379,630 |
$4,170,793 $785,194 |
$6,423,643 |
14 |
$11,948,822 |
$4,381,395 $824,469 |
$6,742,958 |
15 |
$12,546,221 |
$4,602,432 $865,689 |
$7,078,100 |
16 |
$13,173,511 |
$4,834,529 $908,972 |
$7,430,010 |
17 |
$13,831,955 |
$5,078,154 $954,405 |
$7,799,396 |
18 |
$14,523,658 |
$5,334,084 $1,002,132 |
$8,187,442 |
19 |
$15,249,883 |
$5,602,787 $1,052,242 |
$8,594,854 |
20 |
$16,012,314 |
$5,884,887 $1,104,850 |
$9,022,577 |
21 |
$16,813,056 |
$6,181,161 $1,160,101 |
$9,471,794 |
22 |
$17,653,793 |
$6,492,234 $1,218,112 |
$9,943,447 |
23 |
$18,536,209 |
$6,818,728 $1,278,998 |
$10,438,483 |
24 |
$19,463,251 |
$7,161,733 $1,342,964 |
$10,958,554 |
25 |
$20,436,182 |
$7,521,718 $1,410,097 |
$11,504,367 |
26 |
$21,458,370 |
$7,899,927 $1,480,628 |
$12,077,815 |
27 |
$22,531,078 |
$8,296,829 $1,554,644 |
$12,679,605 |
28 |
$23,657,674 |
$8,713,670 $1,632,380 |
$13,311,624 |
29 |
$24,840,684 |
$9,151,383 $1,714,007 |
$13,975,294 |
30 |
$26,082,634 |
$9,610,905 $1,799,702 |
$14,672,027 |
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