The jackpot for the Powerball draw on Mon Dec 23, 2024, is projected to be $103 Million, with an option for a cash payout of $47 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 Mon Dec 23, 2024 |
|---|
| Draw Date | Mon Dec 23, 2024 | | Projected Jackpot | $103,000,000 | | Cash Value | $47,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $47,000,000 | | Federal Tax(24%) | $11,280,000 | | Additional Federal Tax | $6,070,330 | | State Tax(6.5%) | $3,055,000 | | Net Lumpsum Payment | $26,594,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,550,253 |
$533,924
$100,766 |
$915,563 |
| 2 |
$1,627,812 |
$562,621
$105,808 |
$959,383 |
| 3 |
$1,709,182 |
$592,728
$111,097 |
$1,005,357 |
| 4 |
$1,794,672 |
$624,359
$116,654 |
$1,053,659 |
| 5 |
$1,884,385 |
$657,553
$122,485 |
$1,104,347 |
| 6 |
$1,978,630 |
$692,423
$128,611 |
$1,157,596 |
| 7 |
$2,077,510 |
$729,009
$135,038 |
$1,213,463 |
| 8 |
$2,181,437 |
$767,462
$141,793 |
$1,272,182 |
| 9 |
$2,290,514 |
$807,821
$148,883 |
$1,333,810 |
| 10 |
$2,405,050 |
$850,199
$156,328 |
$1,398,523 |
| 11 |
$2,525,251 |
$894,673
$164,141 |
$1,466,437 |
| 12 |
$2,651,529 |
$941,396
$172,349 |
$1,537,784 |
| 13 |
$2,784,090 |
$990,444
$180,966 |
$1,612,680 |
| 14 |
$2,923,346 |
$1,041,968
$190,017 |
$1,691,361 |
| 15 |
$3,069,503 |
$1,096,046
$199,518 |
$1,773,939 |
| 16 |
$3,222,973 |
$1,152,830
$209,493 |
$1,860,650 |
| 17 |
$3,384,065 |
$1,212,434
$219,964 |
$1,951,667 |
| 18 |
$3,553,294 |
$1,275,049
$230,964 |
$2,047,281 |
| 19 |
$3,730,969 |
$1,340,789
$242,513 |
$2,147,667 |
| 20 |
$3,917,502 |
$1,409,806
$254,638 |
$2,253,058 |
| 21 |
$4,113,408 |
$1,482,291
$267,372 |
$2,363,745 |
| 22 |
$4,319,099 |
$1,558,397
$280,741 |
$2,479,961 |
| 23 |
$4,534,987 |
$1,638,276
$294,774 |
$2,601,937 |
| 24 |
$4,761,793 |
$1,722,194
$309,517 |
$2,730,082 |
| 25 |
$4,999,826 |
$1,810,266
$324,989 |
$2,864,571 |
| 26 |
$5,249,910 |
$1,902,797
$341,244 |
$3,005,869 |
| 27 |
$5,512,354 |
$1,999,901
$358,303 |
$3,154,150 |
| 28 |
$5,787,982 |
$2,101,884
$376,219 |
$3,309,879 |
| 29 |
$6,077,412 |
$2,208,973
$395,032 |
$3,473,407 |
| 30 |
$6,381,262 |
$2,321,397
$414,782 |
$3,645,083 |
|
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