The jackpot for the MEGA Millions draw on Fri Nov 1, 2024, is projected to be $281 Million, with an option for a cash payout of $129.8 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 Nov 1, 2024 |
|---|
| Draw Date | Fri Nov 1, 2024 | | Projected Jackpot | $281,000,000 | | Cash Value | $129,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $129,800,000 | | Federal Tax(24%) | $31,152,000 | | Additional Federal Tax | $16,834,330 | | State Tax(6.5%) | $8,437,000 | | Net Lumpsum Payment | $73,376,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,229,331 |
$1,525,183
$274,907 |
$2,429,241 |
| 2 |
$4,440,924 |
$1,603,472
$288,660 |
$2,548,792 |
| 3 |
$4,662,914 |
$1,685,609
$303,089 |
$2,674,216 |
| 4 |
$4,896,144 |
$1,771,904
$318,249 |
$2,805,991 |
| 5 |
$5,140,895 |
$1,862,462
$334,158 |
$2,944,275 |
| 6 |
$5,398,010 |
$1,957,594
$350,871 |
$3,089,545 |
| 7 |
$5,667,770 |
$2,057,405
$368,405 |
$3,241,960 |
| 8 |
$5,951,299 |
$2,162,311
$386,834 |
$3,402,154 |
| 9 |
$6,248,878 |
$2,272,415
$406,177 |
$3,570,286 |
| 10 |
$6,561,350 |
$2,388,030
$426,488 |
$3,746,832 |
| 11 |
$6,889,277 |
$2,509,363
$447,803 |
$3,932,111 |
| 12 |
$7,233,783 |
$2,636,830
$470,196 |
$4,126,757 |
| 13 |
$7,595,430 |
$2,770,639
$493,703 |
$4,331,088 |
| 14 |
$7,975,342 |
$2,911,207
$518,397 |
$4,545,738 |
| 15 |
$8,374,081 |
$3,058,740
$544,315 |
$4,771,026 |
| 16 |
$8,792,771 |
$3,213,656
$571,530 |
$5,007,585 |
| 17 |
$9,232,255 |
$3,376,265
$600,097 |
$5,255,893 |
| 18 |
$9,693,938 |
$3,547,087
$630,106 |
$5,516,745 |
| 19 |
$10,178,663 |
$3,726,436
$661,613 |
$5,790,614 |
| 20 |
$10,687,554 |
$3,914,725
$694,691 |
$6,078,138 |
| 21 |
$11,222,016 |
$4,112,476
$729,431 |
$6,380,109 |
| 22 |
$11,783,173 |
$4,320,104
$765,906 |
$6,697,163 |
| 23 |
$12,372,149 |
$4,538,026
$804,190 |
$7,029,933 |
| 24 |
$12,990,911 |
$4,766,967
$844,409 |
$7,379,535 |
| 25 |
$13,640,302 |
$5,007,242
$886,620 |
$7,746,440 |
| 26 |
$14,322,570 |
$5,259,681
$930,967 |
$8,131,922 |
| 27 |
$15,038,558 |
$5,524,597
$977,506 |
$8,536,455 |
| 28 |
$15,790,514 |
$5,802,821
$1,026,383 |
$8,961,310 |
| 29 |
$16,580,124 |
$6,094,976
$1,077,708 |
$9,407,440 |
| 30 |
$17,409,074 |
$6,401,688
$1,131,590 |
$9,875,796 |
|
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