The jackpot for the MEGA Millions draw on Tue May 21, 2024, is projected to be $421 Million, with an option for a cash payout of $195.9 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 Tue May 21, 2024 |
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Draw Date | Tue May 21, 2024 | Projected Jackpot | $421,000,000 | Cash Value | $195,900,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $195,900,000 | Federal Tax(24%) | $47,016,000 | Additional Federal Tax | $25,427,330 | State Tax(6.5%) | $12,733,500 | Net Lumpsum Payment | $110,723,170 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$6,336,471 |
$2,304,825 $411,871 |
$3,619,775 |
2 |
$6,653,484 |
$2,422,119 $432,476 |
$3,798,889 |
3 |
$6,986,074 |
$2,545,178 $454,095 |
$3,986,801 |
4 |
$7,335,504 |
$2,674,467 $476,808 |
$4,184,229 |
5 |
$7,702,195 |
$2,810,143 $500,643 |
$4,391,409 |
6 |
$8,087,410 |
$2,952,672 $525,682 |
$4,609,056 |
7 |
$8,491,570 |
$3,102,211 $551,952 |
$4,837,407 |
8 |
$8,916,359 |
$3,259,383 $579,563 |
$5,077,413 |
9 |
$9,362,198 |
$3,424,344 $608,543 |
$5,329,311 |
10 |
$9,830,350 |
$3,597,560 $638,973 |
$5,593,817 |
11 |
$10,321,657 |
$3,779,343 $670,908 |
$5,871,406 |
12 |
$10,837,803 |
$3,970,317 $704,457 |
$6,163,029 |
13 |
$11,379,630 |
$4,170,793 $739,676 |
$6,469,161 |
14 |
$11,948,822 |
$4,381,395 $776,673 |
$6,790,754 |
15 |
$12,546,221 |
$4,602,432 $815,504 |
$7,128,285 |
16 |
$13,173,511 |
$4,834,529 $856,278 |
$7,482,704 |
17 |
$13,831,955 |
$5,078,154 $899,077 |
$7,854,724 |
18 |
$14,523,658 |
$5,334,084 $944,038 |
$8,245,536 |
19 |
$15,249,883 |
$5,602,787 $991,242 |
$8,655,854 |
20 |
$16,012,314 |
$5,884,887 $1,040,800 |
$9,086,627 |
21 |
$16,813,056 |
$6,181,161 $1,092,849 |
$9,539,046 |
22 |
$17,653,793 |
$6,492,234 $1,147,497 |
$10,014,062 |
23 |
$18,536,209 |
$6,818,728 $1,204,854 |
$10,512,627 |
24 |
$19,463,251 |
$7,161,733 $1,265,111 |
$11,036,407 |
25 |
$20,436,182 |
$7,521,718 $1,328,352 |
$11,586,112 |
26 |
$21,458,370 |
$7,899,927 $1,394,794 |
$12,163,649 |
27 |
$22,531,078 |
$8,296,829 $1,464,520 |
$12,769,729 |
28 |
$23,657,674 |
$8,713,670 $1,537,749 |
$13,406,255 |
29 |
$24,840,684 |
$9,151,383 $1,614,644 |
$14,074,657 |
30 |
$26,082,634 |
$9,610,905 $1,695,371 |
$14,776,358 |
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