The jackpot for the MEGA Millions draw on Fri May 17, 2024, is projected to be $393 Million, with an option for a cash payout of $181.5 Million. Should you be the lucky winner of the MEGA Millions 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 MEGA Millions Jackpot/Cash Option for Fri May 17, 2024 |
|---|
| Draw Date | Fri May 17, 2024 | | Projected Jackpot | $393,000,000 | | Cash Value | $181,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $181,500,000 | | Federal Tax(24%) | $43,560,000 | | Additional Federal Tax | $23,555,330 | | State Tax(6.5%) | $11,797,500 | | Net Lumpsum Payment | $102,587,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,915,043 |
$2,148,896
$384,478 |
$3,381,669 |
| 2 |
$6,210,972 |
$2,258,390
$403,713 |
$3,548,869 |
| 3 |
$6,521,442 |
$2,373,264
$423,894 |
$3,724,284 |
| 4 |
$6,847,632 |
$2,493,954
$445,096 |
$3,908,582 |
| 5 |
$7,189,935 |
$2,620,606
$467,346 |
$4,101,983 |
| 6 |
$7,549,530 |
$2,753,656
$490,719 |
$4,305,155 |
| 7 |
$7,926,810 |
$2,893,250
$515,243 |
$4,518,317 |
| 8 |
$8,323,347 |
$3,039,969
$541,018 |
$4,742,360 |
| 9 |
$8,739,534 |
$3,193,958
$568,070 |
$4,977,506 |
| 10 |
$9,176,550 |
$3,355,654
$596,476 |
$5,224,420 |
| 11 |
$9,635,181 |
$3,525,347
$626,287 |
$5,483,547 |
| 12 |
$10,116,999 |
$3,703,620
$657,605 |
$5,755,774 |
| 13 |
$10,622,790 |
$3,890,763
$690,481 |
$6,041,546 |
| 14 |
$11,154,126 |
$4,087,357
$725,018 |
$6,341,751 |
| 15 |
$11,711,793 |
$4,293,694
$761,267 |
$6,656,832 |
| 16 |
$12,297,363 |
$4,510,355
$799,329 |
$6,987,679 |
| 17 |
$12,912,015 |
$4,737,776
$839,281 |
$7,334,958 |
| 18 |
$13,557,714 |
$4,976,685
$881,251 |
$7,699,778 |
| 19 |
$14,235,639 |
$5,227,517
$925,317 |
$8,082,805 |
| 20 |
$14,947,362 |
$5,490,854
$971,579 |
$8,484,929 |
| 21 |
$15,694,848 |
$5,767,424
$1,020,165 |
$8,907,259 |
| 22 |
$16,479,669 |
$6,057,808
$1,071,178 |
$9,350,683 |
| 23 |
$17,303,397 |
$6,362,587
$1,124,721 |
$9,816,089 |
| 24 |
$18,168,783 |
$6,682,780
$1,180,971 |
$10,305,032 |
| 25 |
$19,077,006 |
$7,018,823
$1,240,005 |
$10,818,178 |
| 26 |
$20,031,210 |
$7,371,878
$1,302,029 |
$11,357,303 |
| 27 |
$21,032,574 |
$7,742,383
$1,367,117 |
$11,923,074 |
| 28 |
$22,084,242 |
$8,131,500
$1,435,476 |
$12,517,266 |
| 29 |
$23,188,572 |
$8,540,102
$1,507,257 |
$13,141,213 |
| 30 |
$24,347,922 |
$8,969,062
$1,582,615 |
$13,796,245 |
|
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