The jackpot for the MEGA Millions draw on Fri May 10, 2024, is projected to be $331 Million, with an option for a cash payout of $153.1 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 West Virginia residents, the state will deduct 6.5% from your lottery earnings.
| West Virginia MEGA Millions Jackpot/Cash Option for Fri May 10, 2024 |
|---|
| Draw Date | Fri May 10, 2024 | | Projected Jackpot | $331,000,000 | | Cash Value | $153,100,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $153,100,000 | | Federal Tax(24%) | $36,744,000 | | Additional Federal Tax | $19,863,330 | | State Tax(6.5%) | $9,951,500 | | Net Lumpsum Payment | $86,541,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,981,881 |
$1,803,626
$323,822 |
$2,854,433 |
| 2 |
$5,231,124 |
$1,895,846
$340,023 |
$2,995,255 |
| 3 |
$5,492,614 |
$1,992,598
$357,020 |
$3,142,996 |
| 4 |
$5,767,344 |
$2,094,248
$374,877 |
$3,298,219 |
| 5 |
$6,055,645 |
$2,200,919
$393,617 |
$3,461,109 |
| 6 |
$6,358,510 |
$2,312,979
$413,303 |
$3,632,228 |
| 7 |
$6,676,270 |
$2,430,550
$433,958 |
$3,811,762 |
| 8 |
$7,010,249 |
$2,554,123
$455,666 |
$4,000,460 |
| 9 |
$7,360,778 |
$2,683,818
$478,451 |
$4,198,509 |
| 10 |
$7,728,850 |
$2,820,005
$502,375 |
$4,406,470 |
| 11 |
$8,115,127 |
$2,962,927
$527,483 |
$4,624,717 |
| 12 |
$8,520,933 |
$3,113,076
$553,861 |
$4,853,996 |
| 13 |
$8,946,930 |
$3,270,694
$581,550 |
$5,094,686 |
| 14 |
$9,394,442 |
$3,436,274
$610,639 |
$5,347,529 |
| 15 |
$9,864,131 |
$3,610,059
$641,169 |
$5,612,903 |
| 16 |
$10,357,321 |
$3,792,539
$673,226 |
$5,891,556 |
| 17 |
$10,875,005 |
$3,984,082
$706,875 |
$6,184,048 |
| 18 |
$11,418,838 |
$4,185,300
$742,224 |
$6,491,314 |
| 19 |
$11,989,813 |
$4,396,561
$779,338 |
$6,813,914 |
| 20 |
$12,589,254 |
$4,618,354
$818,302 |
$7,152,598 |
| 21 |
$13,218,816 |
$4,851,292
$859,223 |
$7,508,301 |
| 22 |
$13,879,823 |
$5,095,865
$902,188 |
$7,881,770 |
| 23 |
$14,573,599 |
$5,352,562
$947,284 |
$8,273,753 |
| 24 |
$15,302,461 |
$5,622,241
$994,660 |
$8,685,560 |
| 25 |
$16,067,402 |
$5,905,269
$1,044,381 |
$9,117,752 |
| 26 |
$16,871,070 |
$6,202,626
$1,096,620 |
$9,571,824 |
| 27 |
$17,714,458 |
$6,514,680
$1,151,440 |
$10,048,338 |
| 28 |
$18,600,214 |
$6,842,410
$1,209,014 |
$10,548,790 |
| 29 |
$19,530,324 |
$7,186,550
$1,269,471 |
$11,074,303 |
| 30 |
$20,506,774 |
$7,547,837
$1,332,940 |
$11,625,997 |
|
|
