West Virginia Lottery

WVLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Jan 21, 2025 is estimated to be $20 Million, with a cash option of 8.9 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 Jan 21, 2025

Draw Date	Jackpot	Cash Option
Tue Jan 21, 2025	$20,000,000	$8,900,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$8,900,000
Federal Tax(24%)	$2,136,000
Additional Federal Tax	$1,117,330
State Tax(6.5%)	$578,500
Net Lumpsum Payment	$5,068,170

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$301,020	-$71,708 -$19,566	$209,746
2	$316,080	-$77,280 -$20,545	$218,255
3	$331,880	-$83,126 -$21,572	$227,182
4	$348,480	-$89,268 -$22,651	$236,561
5	$365,900	-$95,713 -$23,784	$246,403
6	$384,200	-$102,484 -$24,973	$256,743
7	$403,400	-$109,588 -$26,221	$267,591
8	$423,580	-$117,055 -$27,533	$278,992
9	$444,760	-$124,892 -$28,909	$290,959
10	$467,000	-$133,120 -$30,355	$303,525
11	$490,340	-$141,756 -$31,872	$316,712
12	$514,860	-$150,829 -$33,466	$330,565
13	$540,600	-$160,352 -$35,139	$345,109
14	$567,640	-$170,357 -$36,897	$360,386
15	$596,020	-$180,858 -$38,741	$376,421
16	$625,820	-$191,884 -$40,678	$393,258
17	$657,100	-$203,457 -$42,712	$410,931
18	$689,960	-$215,616 -$44,847	$429,497
19	$724,460	-$228,381 -$47,090	$448,989
20	$760,680	-$241,782 -$49,444	$469,454
21	$798,720	-$255,857 -$51,917	$490,946
22	$838,660	-$270,635 -$54,513	$513,512
23	$880,580	-$286,145 -$57,238	$537,197
24	$924,620	-$302,440 -$60,100	$562,080
25	$970,840	-$319,541 -$63,105	$588,194
26	$1,019,400	-$337,508 -$66,261	$615,631
27	$1,070,360	-$356,364 -$69,573	$644,423
28	$1,123,880	-$376,166 -$73,052	$674,662
29	$1,180,080	-$396,960 -$76,705	$706,415
30	$1,239,080	-$418,790 -$80,540	$739,750