West Virginia Lottery

WVLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat May 11, 2024 is estimated to be $36 Million, with a cash option of 16.8 Million. If you win the Powerball 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 Powerball Jackpot/Cash Option for Sat May 11, 2024

Draw Date	Jackpot	Cash Option
Sat May 11, 2024	$36,000,000	$16,800,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$16,800,000
Federal Tax(24%)	$4,032,000
Additional Federal Tax	$2,144,330
State Tax(6.5%)	$1,092,000
Net Lumpsum Payment	$9,531,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$541,836	-$160,810 -$35,219	$345,807
2	$568,944	-$170,840 -$36,981	$361,123
3	$597,384	-$181,362 -$38,830	$377,192
4	$627,264	-$192,418 -$40,772	$394,074
5	$658,620	-$204,020 -$42,810	$411,790
6	$691,560	-$216,208 -$44,951	$430,401
7	$726,120	-$228,995 -$47,198	$449,927
8	$762,444	-$242,435 -$49,559	$470,450
9	$800,568	-$256,541 -$52,037	$491,990
10	$840,600	-$271,352 -$54,639	$514,609
11	$882,612	-$286,897 -$57,370	$538,345
12	$926,748	-$303,227 -$60,239	$563,282
13	$973,080	-$320,370 -$63,250	$589,460
14	$1,021,752	-$338,379 -$66,414	$616,959
15	$1,072,836	-$357,280 -$69,734	$645,822
16	$1,126,476	-$377,127 -$73,221	$676,128
17	$1,182,780	-$397,959 -$76,881	$707,940
18	$1,241,928	-$419,844 -$80,725	$741,359
19	$1,304,028	-$442,821 -$84,762	$776,445
20	$1,369,224	-$466,943 -$89,000	$813,281
21	$1,437,696	-$492,278 -$93,450	$851,968
22	$1,509,588	-$518,878 -$98,123	$892,587
23	$1,585,044	-$546,797 -$103,028	$935,219
24	$1,664,316	-$576,127 -$108,181	$980,008
25	$1,747,512	-$606,910 -$113,588	$1,027,014
26	$1,834,920	-$639,251 -$119,270	$1,076,399
27	$1,926,648	-$673,190 -$125,232	$1,128,226
28	$2,022,984	-$708,834 -$131,494	$1,182,656
29	$2,124,144	-$746,264 -$138,069	$1,239,811
30	$2,230,344	-$785,558 -$144,972	$1,299,814