West Virginia Lottery

WVLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri Nov 15, 2024 is estimated to be $387 Million, with a cash option of 181.4 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 Fri Nov 15, 2024

Draw Date	Jackpot	Cash Option
Fri Nov 15, 2024	$387,000,000	$181,400,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$181,400,000
Federal Tax(24%)	$43,536,000
Additional Federal Tax	$23,542,330
State Tax(6.5%)	$11,791,000
Net Lumpsum Payment	$102,530,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$5,824,737	-$2,115,483 -$378,608	$3,330,646
2	$6,116,148	-$2,223,305 -$397,550	$3,495,293
3	$6,421,878	-$2,336,425 -$417,422	$3,668,031
4	$6,743,088	-$2,455,273 -$438,301	$3,849,514
5	$7,080,165	-$2,579,991 -$460,211	$4,039,963
6	$7,434,270	-$2,711,010 -$483,228	$4,240,032
7	$7,805,790	-$2,848,473 -$507,376	$4,449,941
8	$8,196,273	-$2,992,951 -$532,758	$4,670,564
9	$8,606,106	-$3,144,590 -$559,397	$4,902,119
10	$9,036,450	-$3,303,817 -$587,369	$5,145,264
11	$9,488,079	-$3,470,920 -$616,725	$5,400,434
12	$9,962,541	-$3,646,471 -$647,565	$5,668,505
13	$10,460,610	-$3,830,756 -$679,940	$5,949,914
14	$10,983,834	-$4,024,349 -$713,949	$6,245,536
15	$11,532,987	-$4,227,536 -$749,644	$6,555,807
16	$12,109,617	-$4,440,889 -$787,125	$6,881,603
17	$12,714,885	-$4,664,838 -$826,468	$7,223,579
18	$13,350,726	-$4,900,099 -$867,797	$7,582,830
19	$14,018,301	-$5,147,102 -$911,190	$7,960,009
20	$14,719,158	-$5,406,419 -$956,745	$8,355,994
21	$15,455,232	-$5,678,766 -$1,004,590	$8,771,876
22	$16,228,071	-$5,964,717 -$1,054,825	$9,208,529
23	$17,039,223	-$6,264,843 -$1,107,549	$9,666,831
24	$17,891,397	-$6,580,147 -$1,162,941	$10,148,309
25	$18,785,754	-$6,911,059 -$1,221,074	$10,653,621
26	$19,725,390	-$7,258,725 -$1,282,150	$11,184,515
27	$20,711,466	-$7,623,573 -$1,346,245	$11,741,648
28	$21,747,078	-$8,006,749 -$1,413,560	$12,326,769
29	$22,834,548	-$8,409,113 -$1,484,246	$12,941,189
30	$23,976,198	-$8,831,524 -$1,558,453	$13,586,221