The jackpot for the Powerball draw on Wed Jan 22, 2025, is projected to be $31 Million, with an option for a cash payout of $13.8 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 Wed Jan 22, 2025 |
|---|
| Draw Date | Wed Jan 22, 2025 | | Projected Jackpot | $31,000,000 | | Cash Value | $13,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $13,800,000 | | Federal Tax(24%) | $3,312,000 | | Additional Federal Tax | $1,754,330 | | State Tax(6.5%) | $897,000 | | Net Lumpsum Payment | $7,836,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$466,581 |
$132,965
$30,328 |
$303,288 |
| 2 |
$489,924 |
$141,602
$31,845 |
$316,477 |
| 3 |
$514,414 |
$150,664
$33,437 |
$330,313 |
| 4 |
$540,144 |
$160,184
$35,109 |
$344,851 |
| 5 |
$567,145 |
$170,174
$36,864 |
$360,107 |
| 6 |
$595,510 |
$180,669
$38,708 |
$376,133 |
| 7 |
$625,270 |
$191,680
$40,643 |
$392,947 |
| 8 |
$656,549 |
$203,254
$42,676 |
$410,619 |
| 9 |
$689,378 |
$215,400
$44,810 |
$429,168 |
| 10 |
$723,850 |
$228,155
$47,050 |
$448,645 |
| 11 |
$760,027 |
$241,540
$49,402 |
$469,085 |
| 12 |
$798,033 |
$255,603
$51,872 |
$490,558 |
| 13 |
$837,930 |
$270,364
$54,465 |
$513,101 |
| 14 |
$879,842 |
$285,872
$57,190 |
$536,780 |
| 15 |
$923,831 |
$302,148
$60,049 |
$561,634 |
| 16 |
$970,021 |
$319,238
$63,051 |
$587,732 |
| 17 |
$1,018,505 |
$337,177
$66,203 |
$615,125 |
| 18 |
$1,069,438 |
$356,022
$69,513 |
$643,903 |
| 19 |
$1,122,913 |
$375,808
$72,989 |
$674,116 |
| 20 |
$1,179,054 |
$396,580
$76,639 |
$705,835 |
| 21 |
$1,238,016 |
$418,396
$80,471 |
$739,149 |
| 22 |
$1,299,923 |
$441,302
$84,495 |
$774,126 |
| 23 |
$1,364,899 |
$465,343
$88,718 |
$810,838 |
| 24 |
$1,433,161 |
$490,600
$93,155 |
$849,406 |
| 25 |
$1,504,802 |
$517,107
$97,812 |
$889,883 |
| 26 |
$1,580,070 |
$544,956
$102,705 |
$932,409 |
| 27 |
$1,659,058 |
$574,182
$107,839 |
$977,037 |
| 28 |
$1,742,014 |
$604,876
$113,231 |
$1,023,907 |
| 29 |
$1,829,124 |
$637,106
$118,893 |
$1,073,125 |
| 30 |
$1,920,574 |
$670,943
$124,837 |
$1,124,794 |
|
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