The jackpot for the Powerball draw on Sat May 18, 2024, is projected to be $77 Million, with an option for a cash payout of $36 Million. Should you be the lucky winner of the Powerball jackpot, anticipate the IRS to initially withhold 24% of your winnings for taxes, and be prepared that you might need to pay up to an additional 13% in federal taxes at tax time. For West Virginia residents, the state will deduct 6.5% from your lottery earnings.
| West Virginia Powerball Jackpot/Cash Option for Sat May 18, 2024 |
|---|
| Draw Date | Sat May 18, 2024 | | Projected Jackpot | $77,000,000 | | Cash Value | $36,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $36,000,000 | | Federal Tax(24%) | $8,640,000 | | Additional Federal Tax | $4,640,330 | | State Tax(6.5%) | $2,340,000 | | Net Lumpsum Payment | $20,379,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,158,927 |
$389,133
$75,330 |
$694,464 |
| 2 |
$1,216,908 |
$410,586
$79,099 |
$727,223 |
| 3 |
$1,277,738 |
$433,093
$83,053 |
$761,592 |
| 4 |
$1,341,648 |
$456,740
$87,207 |
$797,701 |
| 5 |
$1,408,715 |
$481,555
$91,566 |
$835,594 |
| 6 |
$1,479,170 |
$507,623
$96,146 |
$875,401 |
| 7 |
$1,553,090 |
$534,974
$100,951 |
$917,165 |
| 8 |
$1,630,783 |
$563,720
$106,001 |
$961,062 |
| 9 |
$1,712,326 |
$593,891
$111,301 |
$1,007,134 |
| 10 |
$1,797,950 |
$625,572
$116,867 |
$1,055,511 |
| 11 |
$1,887,809 |
$658,820
$122,708 |
$1,106,281 |
| 12 |
$1,982,211 |
$693,748
$128,844 |
$1,159,619 |
| 13 |
$2,081,310 |
$730,415
$135,285 |
$1,215,610 |
| 14 |
$2,185,414 |
$768,934
$142,052 |
$1,274,428 |
| 15 |
$2,294,677 |
$809,361
$149,154 |
$1,336,162 |
| 16 |
$2,409,407 |
$851,811
$156,611 |
$1,400,985 |
| 17 |
$2,529,835 |
$896,369
$164,439 |
$1,469,027 |
| 18 |
$2,656,346 |
$943,178
$172,662 |
$1,540,506 |
| 19 |
$2,789,171 |
$992,324
$181,296 |
$1,615,551 |
| 20 |
$2,928,618 |
$1,043,919
$190,360 |
$1,694,339 |
| 21 |
$3,075,072 |
$1,098,107
$199,880 |
$1,777,085 |
| 22 |
$3,228,841 |
$1,155,002
$209,875 |
$1,863,964 |
| 23 |
$3,390,233 |
$1,214,717
$220,365 |
$1,955,151 |
| 24 |
$3,559,787 |
$1,277,452
$231,386 |
$2,050,949 |
| 25 |
$3,737,734 |
$1,343,292
$242,953 |
$2,151,489 |
| 26 |
$3,924,690 |
$1,412,466
$255,105 |
$2,257,119 |
| 27 |
$4,120,886 |
$1,485,058
$267,858 |
$2,367,970 |
| 28 |
$4,326,938 |
$1,561,297
$281,251 |
$2,484,390 |
| 29 |
$4,543,308 |
$1,641,354
$295,315 |
$2,606,639 |
| 30 |
$4,770,458 |
$1,725,400
$310,080 |
$2,734,978 |
|
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