West Virginia Lottery

WVLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri May 3, 2024 is estimated to be $284 Million, with a cash option of 127.6 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 3, 2024

Draw Date	Jackpot	Cash Option
Fri May 3, 2024	$284,000,000	$127,600,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$127,600,000
Federal Tax(24%)	$30,624,000
Additional Federal Tax	$16,548,330
State Tax(6.5%)	$8,294,000
Net Lumpsum Payment	$72,133,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$4,274,484	-$1,541,889 -$277,841	$2,454,754
2	$4,488,336	-$1,621,015 -$291,742	$2,575,579
3	$4,712,696	-$1,704,028 -$306,325	$2,702,343
4	$4,948,416	-$1,791,244 -$321,647	$2,835,525
5	$5,195,780	-$1,882,769 -$337,726	$2,975,285
6	$5,455,640	-$1,978,917 -$354,617	$3,122,106
7	$5,728,280	-$2,079,794 -$372,338	$3,276,148
8	$6,014,836	-$2,185,820 -$390,964	$3,438,052
9	$6,315,592	-$2,297,099 -$410,513	$3,607,980
10	$6,631,400	-$2,413,948 -$431,041	$3,786,411
11	$6,962,828	-$2,536,577 -$452,584	$3,973,667
12	$7,311,012	-$2,665,405 -$475,216	$4,170,391
13	$7,676,520	-$2,800,643 -$498,974	$4,376,903
14	$8,060,488	-$2,942,711 -$523,932	$4,593,845
15	$8,463,484	-$3,091,819 -$550,126	$4,821,539
16	$8,886,644	-$3,248,389 -$577,632	$5,060,623
17	$9,330,820	-$3,412,734 -$606,503	$5,311,583
18	$9,797,432	-$3,585,380 -$636,833	$5,575,219
19	$10,287,332	-$3,766,643 -$668,677	$5,852,012
20	$10,801,656	-$3,956,943 -$702,108	$6,142,605
21	$11,341,824	-$4,156,805 -$737,219	$6,447,800
22	$11,908,972	-$4,366,650 -$774,083	$6,768,239
23	$12,504,236	-$4,586,898 -$812,775	$7,104,563
24	$13,129,604	-$4,818,284 -$853,424	$7,457,896
25	$13,785,928	-$5,061,124 -$896,085	$7,828,719
26	$14,475,480	-$5,316,258 -$940,906	$8,218,316
27	$15,199,112	-$5,584,002 -$987,942	$8,627,168
28	$15,959,096	-$5,865,196 -$1,037,341	$9,056,559
29	$16,757,136	-$6,160,471 -$1,089,214	$9,507,451
30	$17,594,936	-$6,470,457 -$1,143,671	$9,980,808