The jackpot for the Powerball draw on Sat Jun 29, 2024, is projected to be $113 Million, with an option for a cash payout of $54.3 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 Jun 29, 2024 |
|---|
| Draw Date | Sat Jun 29, 2024 | | Projected Jackpot | $113,000,000 | | Cash Value | $54,300,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $54,300,000 | | Federal Tax(24%) | $13,032,000 | | Additional Federal Tax | $7,019,330 | | State Tax(6.5%) | $3,529,500 | | Net Lumpsum Payment | $30,719,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,700,763 |
$589,613
$110,550 |
$1,000,600 |
| 2 |
$1,785,852 |
$621,096
$116,080 |
$1,048,676 |
| 3 |
$1,875,122 |
$654,126
$121,883 |
$1,099,113 |
| 4 |
$1,968,912 |
$688,828
$127,979 |
$1,152,105 |
| 5 |
$2,067,335 |
$725,244
$134,377 |
$1,207,714 |
| 6 |
$2,170,730 |
$763,500
$141,097 |
$1,266,133 |
| 7 |
$2,279,210 |
$803,638
$148,149 |
$1,327,423 |
| 8 |
$2,393,227 |
$845,824
$155,560 |
$1,391,843 |
| 9 |
$2,512,894 |
$890,101
$163,338 |
$1,459,455 |
| 10 |
$2,638,550 |
$936,594
$171,506 |
$1,530,450 |
| 11 |
$2,770,421 |
$985,386
$180,077 |
$1,604,958 |
| 12 |
$2,908,959 |
$1,036,645
$189,082 |
$1,683,232 |
| 13 |
$3,054,390 |
$1,090,455
$198,535 |
$1,765,400 |
| 14 |
$3,207,166 |
$1,146,982
$208,466 |
$1,851,718 |
| 15 |
$3,367,513 |
$1,206,310
$218,888 |
$1,942,315 |
| 16 |
$3,535,883 |
$1,268,607
$229,832 |
$2,037,444 |
| 17 |
$3,712,615 |
$1,333,998
$241,320 |
$2,137,297 |
| 18 |
$3,898,274 |
$1,402,692
$253,388 |
$2,242,194 |
| 19 |
$4,093,199 |
$1,474,814
$266,058 |
$2,352,327 |
| 20 |
$4,297,842 |
$1,550,532
$279,360 |
$2,467,950 |
| 21 |
$4,512,768 |
$1,630,055
$293,330 |
$2,589,383 |
| 22 |
$4,738,429 |
$1,713,549
$307,998 |
$2,716,882 |
| 23 |
$4,975,277 |
$1,801,183
$323,393 |
$2,850,701 |
| 24 |
$5,224,103 |
$1,893,248
$339,567 |
$2,991,288 |
| 25 |
$5,485,246 |
$1,989,871
$356,541 |
$3,138,834 |
| 26 |
$5,759,610 |
$2,091,386
$374,375 |
$3,293,849 |
| 27 |
$6,047,534 |
$2,197,918
$393,090 |
$3,456,526 |
| 28 |
$6,349,922 |
$2,309,802
$412,745 |
$3,627,375 |
| 29 |
$6,667,452 |
$2,427,288
$433,384 |
$3,806,780 |
| 30 |
$7,000,802 |
$2,550,627
$455,052 |
$3,995,123 |
|
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