West Virginia Lottery

WVLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Dec 24, 2024 is estimated to be $944 Million, with a cash option of 429.4 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 MEGA Millions jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

West Virginia MEGA Millions Jackpot/Cash Option for Tue Dec 24, 2024

Draw Date	Jackpot	Cash Option
Tue Dec 24, 2024	$944,000,000	$429,400,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$429,400,000
Federal Tax(24%)	$103,056,000
Additional Federal Tax	$55,782,330
State Tax(6.5%)	$27,911,000
Net Lumpsum Payment	$242,650,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$14,208,144	-$5,217,344 -$923,529	$8,067,271
2	$14,918,976	-$5,480,352 -$969,733	$8,468,891
3	$15,664,736	-$5,756,283 -$1,018,208	$8,890,245
4	$16,448,256	-$6,046,185 -$1,069,137	$9,332,934
5	$17,270,480	-$6,350,408 -$1,122,581	$9,797,491
6	$18,134,240	-$6,669,999 -$1,178,726	$10,285,515
7	$19,040,480	-$7,005,308 -$1,237,631	$10,797,541
8	$19,992,976	-$7,357,732 -$1,299,543	$11,335,701
9	$20,992,672	-$7,727,619 -$1,364,524	$11,900,529
10	$22,042,400	-$8,116,018 -$1,432,756	$12,493,626
11	$23,144,048	-$8,523,628 -$1,504,363	$13,116,057
12	$24,301,392	-$8,951,845 -$1,579,590	$13,769,957
13	$25,516,320	-$9,401,369 -$1,658,561	$14,456,390
14	$26,792,608	-$9,873,595 -$1,741,520	$15,177,493
15	$28,132,144	-$10,369,224 -$1,828,589	$15,934,331
16	$29,538,704	-$10,889,651 -$1,920,016	$16,729,037
17	$31,015,120	-$11,435,925 -$2,015,983	$17,563,212
18	$32,566,112	-$12,009,792 -$2,116,797	$18,439,523
19	$34,194,512	-$12,612,300 -$2,222,643	$19,359,569
20	$35,904,096	-$13,244,846 -$2,333,766	$20,325,484
21	$37,699,584	-$13,909,176 -$2,450,473	$21,339,935
22	$39,584,752	-$14,606,689 -$2,573,009	$22,405,054
23	$41,563,376	-$15,338,780 -$2,701,619	$23,522,977
24	$43,642,064	-$16,107,894 -$2,836,734	$24,697,436
25	$45,823,648	-$16,915,080 -$2,978,537	$25,930,031
26	$48,115,680	-$17,763,132 -$3,127,519	$27,225,029
27	$50,520,992	-$18,653,097 -$3,283,864	$28,584,031
28	$53,047,136	-$19,587,771 -$3,448,064	$30,011,301
29	$55,699,776	-$20,569,248 -$3,620,485	$31,510,043
30	$58,484,576	-$21,599,624 -$3,801,497	$33,083,455