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 |
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Draw Date | Tue Sep 10, 2024 | Projected Jackpot | $800,000,000 | Cash Value | $401,800,000 |
Lumpsum Option Taxes and Payment |
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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 |
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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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