West Virginia Lottery

WVLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri May 10, 2024 is estimated to be $331 Million, with a cash option of 153.1 Million. If you win the MEGA Millions jackpot, the IRS will withhold 24% of your prize money upfront, and you may owe up to an additional 13% in federal taxes when the tax is due. Additionally, if you are a resident of West Virginia, your state will take 6.5% of your lottery winnings.

Please note that the calculation of the Powerball jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

West Virginia MEGA Millions Jackpot/Cash Option for Fri May 10, 2024

Draw Date	Jackpot	Cash Option
Fri May 10, 2024	$331,000,000	$153,100,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$153,100,000
Federal Tax(24%)	$36,744,000
Additional Federal Tax	$19,863,330
State Tax(6.5%)	$9,951,500
Net Lumpsum Payment	$86,541,170

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$4,981,881	-$1,803,626 -$323,822	$2,854,433
2	$5,231,124	-$1,895,846 -$340,023	$2,995,255
3	$5,492,614	-$1,992,598 -$357,020	$3,142,996
4	$5,767,344	-$2,094,248 -$374,877	$3,298,219
5	$6,055,645	-$2,200,919 -$393,617	$3,461,109
6	$6,358,510	-$2,312,979 -$413,303	$3,632,228
7	$6,676,270	-$2,430,550 -$433,958	$3,811,762
8	$7,010,249	-$2,554,123 -$455,666	$4,000,460
9	$7,360,778	-$2,683,818 -$478,451	$4,198,509
10	$7,728,850	-$2,820,005 -$502,375	$4,406,470
11	$8,115,127	-$2,962,927 -$527,483	$4,624,717
12	$8,520,933	-$3,113,076 -$553,861	$4,853,996
13	$8,946,930	-$3,270,694 -$581,550	$5,094,686
14	$9,394,442	-$3,436,274 -$610,639	$5,347,529
15	$9,864,131	-$3,610,059 -$641,169	$5,612,903
16	$10,357,321	-$3,792,539 -$673,226	$5,891,556
17	$10,875,005	-$3,984,082 -$706,875	$6,184,048
18	$11,418,838	-$4,185,300 -$742,224	$6,491,314
19	$11,989,813	-$4,396,561 -$779,338	$6,813,914
20	$12,589,254	-$4,618,354 -$818,302	$7,152,598
21	$13,218,816	-$4,851,292 -$859,223	$7,508,301
22	$13,879,823	-$5,095,865 -$902,188	$7,881,770
23	$14,573,599	-$5,352,562 -$947,284	$8,273,753
24	$15,302,461	-$5,622,241 -$994,660	$8,685,560
25	$16,067,402	-$5,905,269 -$1,044,381	$9,117,752
26	$16,871,070	-$6,202,626 -$1,096,620	$9,571,824
27	$17,714,458	-$6,514,680 -$1,151,440	$10,048,338
28	$18,600,214	-$6,842,410 -$1,209,014	$10,548,790
29	$19,530,324	-$7,186,550 -$1,269,471	$11,074,303
30	$20,506,774	-$7,547,837 -$1,332,940	$11,625,997