West Virginia Lottery

WVLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Dec 21, 2024 is estimated to be $88 Million, with a cash option of 41 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 Sat Dec 21, 2024

Draw Date	Jackpot	Cash Option
Sat Dec 21, 2024	$88,000,000	$41,000,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$41,000,000
Federal Tax(24%)	$9,840,000
Additional Federal Tax	$5,290,330
State Tax(6.5%)	$2,665,000
Net Lumpsum Payment	$23,204,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,324,488	-$450,391 -$86,092	$788,005
2	$1,390,752	-$474,909 -$90,399	$825,444
3	$1,460,272	-$500,631 -$94,918	$864,723
4	$1,533,312	-$527,656 -$99,665	$905,991
5	$1,609,960	-$556,016 -$104,647	$949,297
6	$1,690,480	-$585,808 -$109,881	$994,791
7	$1,774,960	-$617,066 -$115,372	$1,042,522
8	$1,863,752	-$649,919 -$121,144	$1,092,689
9	$1,956,944	-$684,400 -$127,201	$1,145,343
10	$2,054,800	-$720,606 -$133,562	$1,200,632
11	$2,157,496	-$758,604 -$140,237	$1,258,655
12	$2,265,384	-$798,522 -$147,250	$1,319,612
13	$2,378,640	-$840,427 -$154,612	$1,383,601
14	$2,497,616	-$884,448 -$162,345	$1,450,823
15	$2,622,488	-$930,651 -$170,462	$1,521,375
16	$2,753,608	-$979,165 -$178,985	$1,595,458
17	$2,891,240	-$1,030,089 -$187,931	$1,673,220
18	$3,035,824	-$1,083,585 -$197,329	$1,754,910
19	$3,187,624	-$1,139,751 -$207,196	$1,840,677
20	$3,346,992	-$1,198,717 -$217,554	$1,930,721
21	$3,514,368	-$1,260,647 -$228,434	$2,025,287
22	$3,690,104	-$1,325,669 -$239,857	$2,124,578
23	$3,874,552	-$1,393,915 -$251,846	$2,228,791
24	$4,068,328	-$1,465,612 -$264,441	$2,338,275
25	$4,271,696	-$1,540,858 -$277,660	$2,453,178
26	$4,485,360	-$1,619,914 -$291,548	$2,573,898
27	$4,709,584	-$1,702,876 -$306,123	$2,700,585
28	$4,945,072	-$1,790,007 -$321,430	$2,833,635
29	$5,192,352	-$1,881,501 -$337,503	$2,973,348
30	$5,451,952	-$1,977,553 -$354,377	$3,120,022