West Virginia Lottery

WVLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat May 4, 2024 is estimated to be $203 Million, with a cash option of 92.7 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 May 4, 2024

Draw Date	Jackpot	Cash Option
Sat May 4, 2024	$203,000,000	$92,700,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$92,700,000
Federal Tax(24%)	$22,248,000
Additional Federal Tax	$12,011,330
State Tax(6.5%)	$6,025,500
Net Lumpsum Payment	$52,415,170

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,055,353	-$1,090,811 -$198,598	$1,765,944
2	$3,208,212	-$1,147,369 -$208,534	$1,852,309
3	$3,368,582	-$1,206,706 -$218,958	$1,942,918
4	$3,537,072	-$1,269,047 -$229,910	$2,038,115
5	$3,713,885	-$1,334,468 -$241,403	$2,138,014
6	$3,899,630	-$1,403,193 -$253,476	$2,242,961
7	$4,094,510	-$1,475,299 -$266,143	$2,353,068
8	$4,299,337	-$1,551,085 -$279,457	$2,468,795
9	$4,514,314	-$1,630,627 -$293,430	$2,590,257
10	$4,740,050	-$1,714,149 -$308,103	$2,717,798
11	$4,976,951	-$1,801,802 -$323,502	$2,851,647
12	$5,225,829	-$1,893,887 -$339,679	$2,992,263
13	$5,487,090	-$1,990,554 -$356,661	$3,139,875
14	$5,761,546	-$2,092,102 -$374,500	$3,294,944
15	$6,049,603	-$2,198,683 -$393,224	$3,457,696
16	$6,352,073	-$2,310,597 -$412,885	$3,628,591
17	$6,669,565	-$2,428,069 -$433,522	$3,807,974
18	$7,003,094	-$2,551,475 -$455,201	$3,996,418
19	$7,353,269	-$2,681,040 -$477,962	$4,194,267
20	$7,720,902	-$2,817,064 -$501,859	$4,401,979
21	$8,107,008	-$2,959,923 -$526,956	$4,620,129
22	$8,512,399	-$3,109,918 -$553,306	$4,849,175
23	$8,937,887	-$3,267,349 -$580,963	$5,089,575
24	$9,384,893	-$3,432,741 -$610,018	$5,342,134
25	$9,854,026	-$3,606,320 -$640,512	$5,607,194
26	$10,346,910	-$3,788,687 -$672,549	$5,885,674
27	$10,864,154	-$3,980,067 -$706,170	$6,177,917
28	$11,407,382	-$4,181,062 -$741,480	$6,484,840
29	$11,977,812	-$4,392,121 -$778,558	$6,807,133
30	$12,576,662	-$4,613,695 -$817,483	$7,145,484