The jackpot for the Powerball draw on Sat Nov 23, 2024, is projected to be $171 Million, with an option for a cash payout of $78.7 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 Nov 23, 2024 |
|---|
| Draw Date | Sat Nov 23, 2024 | | Projected Jackpot | $171,000,000 | | Cash Value | $78,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $78,700,000 | | Federal Tax(24%) | $18,888,000 | | Additional Federal Tax | $10,191,330 | | State Tax(6.5%) | $5,115,500 | | Net Lumpsum Payment | $44,505,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,573,721 |
$912,607
$167,292 |
$1,493,822 |
| 2 |
$2,702,484 |
$960,249
$175,661 |
$1,566,574 |
| 3 |
$2,837,574 |
$1,010,233
$184,442 |
$1,642,899 |
| 4 |
$2,979,504 |
$1,062,747
$193,668 |
$1,723,089 |
| 5 |
$3,128,445 |
$1,117,855
$203,349 |
$1,807,241 |
| 6 |
$3,284,910 |
$1,175,747
$213,519 |
$1,895,644 |
| 7 |
$3,449,070 |
$1,236,486
$224,190 |
$1,988,394 |
| 8 |
$3,621,609 |
$1,300,326
$235,405 |
$2,085,878 |
| 9 |
$3,802,698 |
$1,367,329
$247,175 |
$2,188,194 |
| 10 |
$3,992,850 |
$1,437,685
$259,535 |
$2,295,630 |
| 11 |
$4,192,407 |
$1,511,521
$272,506 |
$2,408,380 |
| 12 |
$4,402,053 |
$1,589,090
$286,133 |
$2,526,830 |
| 13 |
$4,622,130 |
$1,670,518
$300,438 |
$2,651,174 |
| 14 |
$4,853,322 |
$1,756,060
$315,466 |
$2,781,796 |
| 15 |
$5,095,971 |
$1,845,840
$331,238 |
$2,918,893 |
| 16 |
$5,350,761 |
$1,940,112
$347,799 |
$3,062,850 |
| 17 |
$5,618,205 |
$2,039,066
$365,183 |
$3,213,956 |
| 18 |
$5,899,158 |
$2,143,019
$383,445 |
$3,372,694 |
| 19 |
$6,194,133 |
$2,252,160
$402,619 |
$3,539,354 |
| 20 |
$6,503,814 |
$2,366,742
$422,748 |
$3,714,324 |
| 21 |
$6,829,056 |
$2,487,081
$443,889 |
$3,898,086 |
| 22 |
$7,170,543 |
$2,613,431
$466,085 |
$4,091,027 |
| 23 |
$7,528,959 |
$2,746,045
$489,382 |
$4,293,532 |
| 24 |
$7,905,501 |
$2,885,366
$513,858 |
$4,506,277 |
| 25 |
$8,300,682 |
$3,031,583
$539,544 |
$4,729,555 |
| 26 |
$8,715,870 |
$3,185,202
$566,532 |
$4,964,136 |
| 27 |
$9,151,578 |
$3,346,414
$594,853 |
$5,210,311 |
| 28 |
$9,609,174 |
$3,515,725
$624,596 |
$5,468,853 |
| 29 |
$10,089,684 |
$3,693,513
$655,829 |
$5,740,342 |
| 30 |
$10,594,134 |
$3,880,160
$688,619 |
$6,025,355 |
|
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