The jackpot for the Powerball draw on Mon May 20, 2024, is projected to be $88 Million, with an option for a cash payout of $41.4 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 Mon May 20, 2024 |
|---|
| Draw Date | Mon May 20, 2024 | | Projected Jackpot | $88,000,000 | | Cash Value | $41,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $41,400,000 | | Federal Tax(24%) | $9,936,000 | | Additional Federal Tax | $5,342,330 | | State Tax(6.5%) | $2,691,000 | | Net Lumpsum Payment | $23,430,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,324,488 |
$450,391
$86,092 |
$788,005 |
| 2 |
$1,390,752 |
$474,909
$90,399 |
$825,444 |
| 3 |
$1,460,272 |
$500,631
$94,918 |
$864,723 |
| 4 |
$1,533,312 |
$527,656
$99,665 |
$905,991 |
| 5 |
$1,609,960 |
$556,016
$104,647 |
$949,297 |
| 6 |
$1,690,480 |
$585,808
$109,881 |
$994,791 |
| 7 |
$1,774,960 |
$617,066
$115,372 |
$1,042,522 |
| 8 |
$1,863,752 |
$649,919
$121,144 |
$1,092,689 |
| 9 |
$1,956,944 |
$684,400
$127,201 |
$1,145,343 |
| 10 |
$2,054,800 |
$720,606
$133,562 |
$1,200,632 |
| 11 |
$2,157,496 |
$758,604
$140,237 |
$1,258,655 |
| 12 |
$2,265,384 |
$798,522
$147,250 |
$1,319,612 |
| 13 |
$2,378,640 |
$840,427
$154,612 |
$1,383,601 |
| 14 |
$2,497,616 |
$884,448
$162,345 |
$1,450,823 |
| 15 |
$2,622,488 |
$930,651
$170,462 |
$1,521,375 |
| 16 |
$2,753,608 |
$979,165
$178,985 |
$1,595,458 |
| 17 |
$2,891,240 |
$1,030,089
$187,931 |
$1,673,220 |
| 18 |
$3,035,824 |
$1,083,585
$197,329 |
$1,754,910 |
| 19 |
$3,187,624 |
$1,139,751
$207,196 |
$1,840,677 |
| 20 |
$3,346,992 |
$1,198,717
$217,554 |
$1,930,721 |
| 21 |
$3,514,368 |
$1,260,647
$228,434 |
$2,025,287 |
| 22 |
$3,690,104 |
$1,325,669
$239,857 |
$2,124,578 |
| 23 |
$3,874,552 |
$1,393,915
$251,846 |
$2,228,791 |
| 24 |
$4,068,328 |
$1,465,612
$264,441 |
$2,338,275 |
| 25 |
$4,271,696 |
$1,540,858
$277,660 |
$2,453,178 |
| 26 |
$4,485,360 |
$1,619,914
$291,548 |
$2,573,898 |
| 27 |
$4,709,584 |
$1,702,876
$306,123 |
$2,700,585 |
| 28 |
$4,945,072 |
$1,790,007
$321,430 |
$2,833,635 |
| 29 |
$5,192,352 |
$1,881,501
$337,503 |
$2,973,348 |
| 30 |
$5,451,952 |
$1,977,553
$354,377 |
$3,120,022 |
|
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