Jackpot Analysis West Virginia Mega Millions

Jackpot Analysis for West Virginia Mega Millions
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 DateFri 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