The jackpot for the Powerball draw on Sat May 11, 2024, is projected to be $36 Million, with an option for a cash payout of $16.8 Million. Should you be the lucky winner of the Powerball 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 West Virginia residents, the state will deduct 6.5% from your lottery earnings.
| West Virginia Powerball Jackpot/Cash Option for Sat May 11, 2024 |
|---|
| Draw Date | Sat May 11, 2024 | | Projected Jackpot | $36,000,000 | | Cash Value | $16,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $16,800,000 | | Federal Tax(24%) | $4,032,000 | | Additional Federal Tax | $2,144,330 | | State Tax(6.5%) | $1,092,000 | | Net Lumpsum Payment | $9,531,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$541,836 |
$160,810
$35,219 |
$345,807 |
| 2 |
$568,944 |
$170,840
$36,981 |
$361,123 |
| 3 |
$597,384 |
$181,362
$38,830 |
$377,192 |
| 4 |
$627,264 |
$192,418
$40,772 |
$394,074 |
| 5 |
$658,620 |
$204,020
$42,810 |
$411,790 |
| 6 |
$691,560 |
$216,208
$44,951 |
$430,401 |
| 7 |
$726,120 |
$228,995
$47,198 |
$449,927 |
| 8 |
$762,444 |
$242,435
$49,559 |
$470,450 |
| 9 |
$800,568 |
$256,541
$52,037 |
$491,990 |
| 10 |
$840,600 |
$271,352
$54,639 |
$514,609 |
| 11 |
$882,612 |
$286,897
$57,370 |
$538,345 |
| 12 |
$926,748 |
$303,227
$60,239 |
$563,282 |
| 13 |
$973,080 |
$320,370
$63,250 |
$589,460 |
| 14 |
$1,021,752 |
$338,379
$66,414 |
$616,959 |
| 15 |
$1,072,836 |
$357,280
$69,734 |
$645,822 |
| 16 |
$1,126,476 |
$377,127
$73,221 |
$676,128 |
| 17 |
$1,182,780 |
$397,959
$76,881 |
$707,940 |
| 18 |
$1,241,928 |
$419,844
$80,725 |
$741,359 |
| 19 |
$1,304,028 |
$442,821
$84,762 |
$776,445 |
| 20 |
$1,369,224 |
$466,943
$89,000 |
$813,281 |
| 21 |
$1,437,696 |
$492,278
$93,450 |
$851,968 |
| 22 |
$1,509,588 |
$518,878
$98,123 |
$892,587 |
| 23 |
$1,585,044 |
$546,797
$103,028 |
$935,219 |
| 24 |
$1,664,316 |
$576,127
$108,181 |
$980,008 |
| 25 |
$1,747,512 |
$606,910
$113,588 |
$1,027,014 |
| 26 |
$1,834,920 |
$639,251
$119,270 |
$1,076,399 |
| 27 |
$1,926,648 |
$673,190
$125,232 |
$1,128,226 |
| 28 |
$2,022,984 |
$708,834
$131,494 |
$1,182,656 |
| 29 |
$2,124,144 |
$746,264
$138,069 |
$1,239,811 |
| 30 |
$2,230,344 |
$785,558
$144,972 |
$1,299,814 |
|
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