West Virginia Lottery

WVLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Wed Jan 22, 2025 is estimated to be $31 Million, with a cash option of 13.8 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 Jan 22, 2025

Draw Date	Jackpot	Cash Option
Wed Jan 22, 2025	$31,000,000	$13,800,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$13,800,000
Federal Tax(24%)	$3,312,000
Additional Federal Tax	$1,754,330
State Tax(6.5%)	$897,000
Net Lumpsum Payment	$7,836,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$466,581	-$132,965 -$30,328	$303,288
2	$489,924	-$141,602 -$31,845	$316,477
3	$514,414	-$150,664 -$33,437	$330,313
4	$540,144	-$160,184 -$35,109	$344,851
5	$567,145	-$170,174 -$36,864	$360,107
6	$595,510	-$180,669 -$38,708	$376,133
7	$625,270	-$191,680 -$40,643	$392,947
8	$656,549	-$203,254 -$42,676	$410,619
9	$689,378	-$215,400 -$44,810	$429,168
10	$723,850	-$228,155 -$47,050	$448,645
11	$760,027	-$241,540 -$49,402	$469,085
12	$798,033	-$255,603 -$51,872	$490,558
13	$837,930	-$270,364 -$54,465	$513,101
14	$879,842	-$285,872 -$57,190	$536,780
15	$923,831	-$302,148 -$60,049	$561,634
16	$970,021	-$319,238 -$63,051	$587,732
17	$1,018,505	-$337,177 -$66,203	$615,125
18	$1,069,438	-$356,022 -$69,513	$643,903
19	$1,122,913	-$375,808 -$72,989	$674,116
20	$1,179,054	-$396,580 -$76,639	$705,835
21	$1,238,016	-$418,396 -$80,471	$739,149
22	$1,299,923	-$441,302 -$84,495	$774,126
23	$1,364,899	-$465,343 -$88,718	$810,838
24	$1,433,161	-$490,600 -$93,155	$849,406
25	$1,504,802	-$517,107 -$97,812	$889,883
26	$1,580,070	-$544,956 -$102,705	$932,409
27	$1,659,058	-$574,182 -$107,839	$977,037
28	$1,742,014	-$604,876 -$113,231	$1,023,907
29	$1,829,124	-$637,106 -$118,893	$1,073,125
30	$1,920,574	-$670,943 -$124,837	$1,124,794