The jackpot for the MEGA Millions draw on Fri Jan 24, 2025, is projected to be $28 Million, with an option for a cash payout of $12.5 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 Fri Jan 24, 2025 |
|---|
| Draw Date | Fri Jan 24, 2025 | | Projected Jackpot | $28,000,000 | | Cash Value | $12,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $12,500,000 | | Federal Tax(24%) | $3,000,000 | | Additional Federal Tax | $1,585,330 | | State Tax(6.5%) | $812,500 | | Net Lumpsum Payment | $7,102,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$421,428 |
$116,259
$27,393 |
$277,776 |
| 2 |
$442,512 |
$124,060
$28,763 |
$289,689 |
| 3 |
$464,632 |
$132,244
$30,201 |
$302,187 |
| 4 |
$487,872 |
$140,843
$31,712 |
$315,317 |
| 5 |
$512,260 |
$149,867
$33,297 |
$329,096 |
| 6 |
$537,880 |
$159,346
$34,962 |
$343,572 |
| 7 |
$564,760 |
$169,292
$36,709 |
$358,759 |
| 8 |
$593,012 |
$179,745
$38,546 |
$374,721 |
| 9 |
$622,664 |
$190,716
$40,473 |
$391,475 |
| 10 |
$653,800 |
$202,236
$42,497 |
$409,067 |
| 11 |
$686,476 |
$214,327
$44,621 |
$427,528 |
| 12 |
$720,804 |
$227,028
$46,852 |
$446,924 |
| 13 |
$756,840 |
$240,361
$49,195 |
$467,284 |
| 14 |
$794,696 |
$254,368
$51,655 |
$488,673 |
| 15 |
$834,428 |
$269,069
$54,238 |
$511,121 |
| 16 |
$876,148 |
$284,505
$56,950 |
$534,693 |
| 17 |
$919,940 |
$300,708
$59,796 |
$559,436 |
| 18 |
$965,944 |
$317,730
$62,786 |
$585,428 |
| 19 |
$1,014,244 |
$335,601
$65,926 |
$612,717 |
| 20 |
$1,064,952 |
$354,363
$69,222 |
$641,367 |
| 21 |
$1,118,208 |
$374,067
$72,684 |
$671,457 |
| 22 |
$1,174,124 |
$394,756
$76,318 |
$703,050 |
| 23 |
$1,232,812 |
$416,471
$80,133 |
$736,208 |
| 24 |
$1,294,468 |
$439,284
$84,140 |
$771,044 |
| 25 |
$1,359,176 |
$463,226
$88,346 |
$807,604 |
| 26 |
$1,427,160 |
$488,380
$92,765 |
$846,015 |
| 27 |
$1,498,504 |
$514,777
$97,403 |
$886,324 |
| 28 |
$1,573,432 |
$542,500
$102,273 |
$928,659 |
| 29 |
$1,652,112 |
$571,612
$107,387 |
$973,113 |
| 30 |
$1,734,712 |
$602,174
$112,756 |
$1,019,782 |
|
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