The jackpot for the Powerball draw on Mon Feb 24, 2025, is projected to be $230 Million, with an option for a cash payout of $105.2 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 Feb 24, 2025 |
|---|
| Draw Date | Mon Feb 24, 2025 | | Projected Jackpot | $230,000,000 | | Cash Value | $105,200,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $105,200,000 | | Federal Tax(24%) | $25,248,000 | | Additional Federal Tax | $13,636,330 | | State Tax(6.5%) | $6,838,000 | | Net Lumpsum Payment | $59,477,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,461,730 |
$1,241,170
$225,012 |
$1,995,548 |
| 2 |
$3,634,920 |
$1,305,251
$236,270 |
$2,093,399 |
| 3 |
$3,816,620 |
$1,372,480
$248,080 |
$2,196,060 |
| 4 |
$4,007,520 |
$1,443,113
$260,489 |
$2,303,918 |
| 5 |
$4,207,850 |
$1,517,235
$273,510 |
$2,417,105 |
| 6 |
$4,418,300 |
$1,595,101
$287,190 |
$2,536,009 |
| 7 |
$4,639,100 |
$1,676,797
$301,542 |
$2,660,761 |
| 8 |
$4,871,170 |
$1,762,663
$316,626 |
$2,791,881 |
| 9 |
$5,114,740 |
$1,852,784
$332,458 |
$2,929,498 |
| 10 |
$5,370,500 |
$1,947,415
$349,083 |
$3,074,002 |
| 11 |
$5,638,910 |
$2,046,727
$366,529 |
$3,225,654 |
| 12 |
$5,920,890 |
$2,151,060
$384,858 |
$3,384,972 |
| 13 |
$6,216,900 |
$2,260,583
$404,099 |
$3,552,218 |
| 14 |
$6,527,860 |
$2,375,639
$424,311 |
$3,727,910 |
| 15 |
$6,854,230 |
$2,496,395
$445,525 |
$3,912,310 |
| 16 |
$7,196,930 |
$2,623,194
$467,800 |
$4,105,936 |
| 17 |
$7,556,650 |
$2,756,291
$491,182 |
$4,309,177 |
| 18 |
$7,934,540 |
$2,896,110
$515,745 |
$4,522,685 |
| 19 |
$8,331,290 |
$3,042,908
$541,534 |
$4,746,848 |
| 20 |
$8,747,820 |
$3,197,024
$568,608 |
$4,982,188 |
| 21 |
$9,185,280 |
$3,358,884
$597,043 |
$5,229,353 |
| 22 |
$9,644,590 |
$3,528,829
$626,898 |
$5,488,863 |
| 23 |
$10,126,670 |
$3,707,198
$658,234 |
$5,761,238 |
| 24 |
$10,633,130 |
$3,894,588
$691,153 |
$6,047,389 |
| 25 |
$11,164,660 |
$4,091,255
$725,703 |
$6,347,702 |
| 26 |
$11,723,100 |
$4,297,877
$762,002 |
$6,663,221 |
| 27 |
$12,309,140 |
$4,514,712
$800,094 |
$6,994,334 |
| 28 |
$12,924,620 |
$4,742,440
$840,100 |
$7,342,080 |
| 29 |
$13,570,920 |
$4,981,571
$882,110 |
$7,707,239 |
| 30 |
$14,249,420 |
$5,232,616
$926,212 |
$8,090,592 |
|
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