West Virginia Lottery

WVLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Nov 23, 2024 is estimated to be $171 Million, with a cash option of 78.7 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 Nov 23, 2024

Draw Date	Jackpot	Cash Option
Sat Nov 23, 2024	$171,000,000	$78,700,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$78,700,000
Federal Tax(24%)	$18,888,000
Additional Federal Tax	$10,191,330
State Tax(6.5%)	$5,115,500
Net Lumpsum Payment	$44,505,170

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$2,573,721	-$912,607 -$167,292	$1,493,822
2	$2,702,484	-$960,249 -$175,661	$1,566,574
3	$2,837,574	-$1,010,233 -$184,442	$1,642,899
4	$2,979,504	-$1,062,747 -$193,668	$1,723,089
5	$3,128,445	-$1,117,855 -$203,349	$1,807,241
6	$3,284,910	-$1,175,747 -$213,519	$1,895,644
7	$3,449,070	-$1,236,486 -$224,190	$1,988,394
8	$3,621,609	-$1,300,326 -$235,405	$2,085,878
9	$3,802,698	-$1,367,329 -$247,175	$2,188,194
10	$3,992,850	-$1,437,685 -$259,535	$2,295,630
11	$4,192,407	-$1,511,521 -$272,506	$2,408,380
12	$4,402,053	-$1,589,090 -$286,133	$2,526,830
13	$4,622,130	-$1,670,518 -$300,438	$2,651,174
14	$4,853,322	-$1,756,060 -$315,466	$2,781,796
15	$5,095,971	-$1,845,840 -$331,238	$2,918,893
16	$5,350,761	-$1,940,112 -$347,799	$3,062,850
17	$5,618,205	-$2,039,066 -$365,183	$3,213,956
18	$5,899,158	-$2,143,019 -$383,445	$3,372,694
19	$6,194,133	-$2,252,160 -$402,619	$3,539,354
20	$6,503,814	-$2,366,742 -$422,748	$3,714,324
21	$6,829,056	-$2,487,081 -$443,889	$3,898,086
22	$7,170,543	-$2,613,431 -$466,085	$4,091,027
23	$7,528,959	-$2,746,045 -$489,382	$4,293,532
24	$7,905,501	-$2,885,366 -$513,858	$4,506,277
25	$8,300,682	-$3,031,583 -$539,544	$4,729,555
26	$8,715,870	-$3,185,202 -$566,532	$4,964,136
27	$9,151,578	-$3,346,414 -$594,853	$5,210,311
28	$9,609,174	-$3,515,725 -$624,596	$5,468,853
29	$10,089,684	-$3,693,513 -$655,829	$5,740,342
30	$10,594,134	-$3,880,160 -$688,619	$6,025,355