The jackpot for the MEGA Millions draw on Tue Sep 10, 2024, is projected to be $800 Million, with an option for a cash payout of $401.8 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 Tue Sep 10, 2024 |
|---|
| Draw Date | Tue Sep 10, 2024 | | Projected Jackpot | $800,000,000 | | Cash Value | $401,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $401,800,000 | | Federal Tax(24%) | $96,432,000 | | Additional Federal Tax | $52,194,330 | | State Tax(6.5%) | $26,117,000 | | Net Lumpsum Payment | $227,056,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$12,040,800 |
$4,415,426
$782,652 |
$6,842,722 |
| 2 |
$12,643,200 |
$4,638,314
$821,808 |
$7,183,078 |
| 3 |
$13,275,200 |
$4,872,154
$862,888 |
$7,540,158 |
| 4 |
$13,939,200 |
$5,117,834
$906,048 |
$7,915,318 |
| 5 |
$14,636,000 |
$5,375,650
$951,340 |
$8,309,010 |
| 6 |
$15,368,000 |
$5,646,490
$998,920 |
$8,722,590 |
| 7 |
$16,136,000 |
$5,930,650
$1,048,840 |
$9,156,510 |
| 8 |
$16,943,200 |
$6,229,314
$1,101,308 |
$9,612,578 |
| 9 |
$17,790,400 |
$6,542,778
$1,156,376 |
$10,091,246 |
| 10 |
$18,680,000 |
$6,871,930
$1,214,200 |
$10,593,870 |
| 11 |
$19,613,600 |
$7,217,362
$1,274,884 |
$11,121,354 |
| 12 |
$20,594,400 |
$7,580,258
$1,338,636 |
$11,675,506 |
| 13 |
$21,624,000 |
$7,961,210
$1,405,560 |
$12,257,230 |
| 14 |
$22,705,600 |
$8,361,402
$1,475,864 |
$12,868,334 |
| 15 |
$23,840,800 |
$8,781,426
$1,549,652 |
$13,509,722 |
| 16 |
$25,032,800 |
$9,222,466
$1,627,132 |
$14,183,202 |
| 17 |
$26,284,000 |
$9,685,410
$1,708,460 |
$14,890,130 |
| 18 |
$27,598,400 |
$10,171,738
$1,793,896 |
$15,632,766 |
| 19 |
$28,978,400 |
$10,682,338
$1,883,596 |
$16,412,466 |
| 20 |
$30,427,200 |
$11,218,394
$1,977,768 |
$17,231,038 |
| 21 |
$31,948,800 |
$11,781,386
$2,076,672 |
$18,090,742 |
| 22 |
$33,546,400 |
$12,372,498
$2,180,516 |
$18,993,386 |
| 23 |
$35,223,200 |
$12,992,914
$2,289,508 |
$19,940,778 |
| 24 |
$36,984,800 |
$13,644,706
$2,404,012 |
$20,936,082 |
| 25 |
$38,833,600 |
$14,328,762
$2,524,184 |
$21,980,654 |
| 26 |
$40,776,000 |
$15,047,450
$2,650,440 |
$23,078,110 |
| 27 |
$42,814,400 |
$15,801,658
$2,782,936 |
$24,229,806 |
| 28 |
$44,955,200 |
$16,593,754
$2,922,088 |
$25,439,358 |
| 29 |
$47,203,200 |
$17,425,514
$3,068,208 |
$26,709,478 |
| 30 |
$49,563,200 |
$18,298,714
$3,221,608 |
$28,042,878 |
|
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