West Virginia Lottery

WVLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Wed Nov 13, 2024 is estimated to be $113 Million, with a cash option of 53.4 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 Wed Nov 13, 2024

Draw Date	Jackpot	Cash Option
Wed Nov 13, 2024	$113,000,000	$53,400,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$53,400,000
Federal Tax(24%)	$12,816,000
Additional Federal Tax	$6,902,330
State Tax(6.5%)	$3,471,000
Net Lumpsum Payment	$30,210,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,700,763	-$589,613 -$110,550	$1,000,600
2	$1,785,852	-$621,096 -$116,080	$1,048,676
3	$1,875,122	-$654,126 -$121,883	$1,099,113
4	$1,968,912	-$688,828 -$127,979	$1,152,105
5	$2,067,335	-$725,244 -$134,377	$1,207,714
6	$2,170,730	-$763,500 -$141,097	$1,266,133
7	$2,279,210	-$803,638 -$148,149	$1,327,423
8	$2,393,227	-$845,824 -$155,560	$1,391,843
9	$2,512,894	-$890,101 -$163,338	$1,459,455
10	$2,638,550	-$936,594 -$171,506	$1,530,450
11	$2,770,421	-$985,386 -$180,077	$1,604,958
12	$2,908,959	-$1,036,645 -$189,082	$1,683,232
13	$3,054,390	-$1,090,455 -$198,535	$1,765,400
14	$3,207,166	-$1,146,982 -$208,466	$1,851,718
15	$3,367,513	-$1,206,310 -$218,888	$1,942,315
16	$3,535,883	-$1,268,607 -$229,832	$2,037,444
17	$3,712,615	-$1,333,998 -$241,320	$2,137,297
18	$3,898,274	-$1,402,692 -$253,388	$2,242,194
19	$4,093,199	-$1,474,814 -$266,058	$2,352,327
20	$4,297,842	-$1,550,532 -$279,360	$2,467,950
21	$4,512,768	-$1,630,055 -$293,330	$2,589,383
22	$4,738,429	-$1,713,549 -$307,998	$2,716,882
23	$4,975,277	-$1,801,183 -$323,393	$2,850,701
24	$5,224,103	-$1,893,248 -$339,567	$2,991,288
25	$5,485,246	-$1,989,871 -$356,541	$3,138,834
26	$5,759,610	-$2,091,386 -$374,375	$3,293,849
27	$6,047,534	-$2,197,918 -$393,090	$3,456,526
28	$6,349,922	-$2,309,802 -$412,745	$3,627,375
29	$6,667,452	-$2,427,288 -$433,384	$3,806,780
30	$7,000,802	-$2,550,627 -$455,052	$3,995,123