The jackpot for the MEGA Millions draw on Fri Feb 7, 2025, is projected to be $94 Million, with an option for a cash payout of $42.3 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 Feb 7, 2025 |
|---|
| Draw Date | Fri Feb 7, 2025 | | Projected Jackpot | $94,000,000 | | Cash Value | $42,300,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $42,300,000 | | Federal Tax(24%) | $10,152,000 | | Additional Federal Tax | $5,459,330 | | State Tax(6.5%) | $2,749,500 | | Net Lumpsum Payment | $23,939,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,414,794 |
$483,804
$91,962 |
$839,028 |
| 2 |
$1,485,576 |
$509,994
$96,562 |
$879,020 |
| 3 |
$1,559,836 |
$537,470
$101,389 |
$920,977 |
| 4 |
$1,637,856 |
$566,337
$106,461 |
$965,058 |
| 5 |
$1,719,730 |
$596,630
$111,782 |
$1,011,318 |
| 6 |
$1,805,740 |
$628,454
$117,373 |
$1,059,913 |
| 7 |
$1,895,980 |
$661,843
$123,239 |
$1,110,898 |
| 8 |
$1,990,826 |
$696,936
$129,404 |
$1,164,486 |
| 9 |
$2,090,372 |
$733,768
$135,874 |
$1,220,730 |
| 10 |
$2,194,900 |
$772,443
$142,669 |
$1,279,788 |
| 11 |
$2,304,598 |
$813,032
$149,799 |
$1,341,767 |
| 12 |
$2,419,842 |
$855,672
$157,290 |
$1,406,880 |
| 13 |
$2,540,820 |
$900,434
$165,153 |
$1,475,233 |
| 14 |
$2,667,908 |
$947,456
$173,414 |
$1,547,038 |
| 15 |
$2,801,294 |
$996,809
$182,084 |
$1,622,401 |
| 16 |
$2,941,354 |
$1,048,631
$191,188 |
$1,701,535 |
| 17 |
$3,088,370 |
$1,103,027
$200,744 |
$1,784,599 |
| 18 |
$3,242,812 |
$1,160,171
$210,783 |
$1,871,858 |
| 19 |
$3,404,962 |
$1,220,166
$221,323 |
$1,963,473 |
| 20 |
$3,575,196 |
$1,283,153
$232,388 |
$2,059,655 |
| 21 |
$3,753,984 |
$1,349,304
$244,009 |
$2,160,671 |
| 22 |
$3,941,702 |
$1,418,760
$256,211 |
$2,266,731 |
| 23 |
$4,138,726 |
$1,491,659
$269,017 |
$2,378,050 |
| 24 |
$4,345,714 |
$1,568,245
$282,471 |
$2,494,998 |
| 25 |
$4,562,948 |
$1,648,621
$296,592 |
$2,617,735 |
| 26 |
$4,791,180 |
$1,733,067
$311,427 |
$2,746,686 |
| 27 |
$5,030,692 |
$1,821,686
$326,995 |
$2,882,011 |
| 28 |
$5,282,236 |
$1,914,758
$343,345 |
$3,024,133 |
| 29 |
$5,546,376 |
$2,012,490
$360,514 |
$3,173,372 |
| 30 |
$5,823,676 |
$2,115,091
$378,539 |
$3,330,046 |
|
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