The jackpot for the MEGA Millions draw on Tue Dec 24, 2024, is projected to be $944 Million, with an option for a cash payout of $429.4 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 Tue Dec 24, 2024 |
|---|
| Draw Date | Tue Dec 24, 2024 | | Projected Jackpot | $944,000,000 | | Cash Value | $429,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $429,400,000 | | Federal Tax(24%) | $103,056,000 | | Additional Federal Tax | $55,782,330 | | State Tax(6.5%) | $27,911,000 | | Net Lumpsum Payment | $242,650,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$14,208,144 |
$5,217,344
$923,529 |
$8,067,271 |
| 2 |
$14,918,976 |
$5,480,352
$969,733 |
$8,468,891 |
| 3 |
$15,664,736 |
$5,756,283
$1,018,208 |
$8,890,245 |
| 4 |
$16,448,256 |
$6,046,185
$1,069,137 |
$9,332,934 |
| 5 |
$17,270,480 |
$6,350,408
$1,122,581 |
$9,797,491 |
| 6 |
$18,134,240 |
$6,669,999
$1,178,726 |
$10,285,515 |
| 7 |
$19,040,480 |
$7,005,308
$1,237,631 |
$10,797,541 |
| 8 |
$19,992,976 |
$7,357,732
$1,299,543 |
$11,335,701 |
| 9 |
$20,992,672 |
$7,727,619
$1,364,524 |
$11,900,529 |
| 10 |
$22,042,400 |
$8,116,018
$1,432,756 |
$12,493,626 |
| 11 |
$23,144,048 |
$8,523,628
$1,504,363 |
$13,116,057 |
| 12 |
$24,301,392 |
$8,951,845
$1,579,590 |
$13,769,957 |
| 13 |
$25,516,320 |
$9,401,369
$1,658,561 |
$14,456,390 |
| 14 |
$26,792,608 |
$9,873,595
$1,741,520 |
$15,177,493 |
| 15 |
$28,132,144 |
$10,369,224
$1,828,589 |
$15,934,331 |
| 16 |
$29,538,704 |
$10,889,651
$1,920,016 |
$16,729,037 |
| 17 |
$31,015,120 |
$11,435,925
$2,015,983 |
$17,563,212 |
| 18 |
$32,566,112 |
$12,009,792
$2,116,797 |
$18,439,523 |
| 19 |
$34,194,512 |
$12,612,300
$2,222,643 |
$19,359,569 |
| 20 |
$35,904,096 |
$13,244,846
$2,333,766 |
$20,325,484 |
| 21 |
$37,699,584 |
$13,909,176
$2,450,473 |
$21,339,935 |
| 22 |
$39,584,752 |
$14,606,689
$2,573,009 |
$22,405,054 |
| 23 |
$41,563,376 |
$15,338,780
$2,701,619 |
$23,522,977 |
| 24 |
$43,642,064 |
$16,107,894
$2,836,734 |
$24,697,436 |
| 25 |
$45,823,648 |
$16,915,080
$2,978,537 |
$25,930,031 |
| 26 |
$48,115,680 |
$17,763,132
$3,127,519 |
$27,225,029 |
| 27 |
$50,520,992 |
$18,653,097
$3,283,864 |
$28,584,031 |
| 28 |
$53,047,136 |
$19,587,771
$3,448,064 |
$30,011,301 |
| 29 |
$55,699,776 |
$20,569,248
$3,620,485 |
$31,510,043 |
| 30 |
$58,484,576 |
$21,599,624
$3,801,497 |
$33,083,455 |
|
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