The jackpot for the MEGA Millions draw on Tue Oct 1, 2024, is projected to be $93 Million, with an option for a cash payout of $46 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 Oct 1, 2024 |
|---|
| Draw Date | Tue Oct 1, 2024 | | Projected Jackpot | $93,000,000 | | Cash Value | $46,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $46,000,000 | | Federal Tax(24%) | $11,040,000 | | Additional Federal Tax | $5,940,330 | | State Tax(6.5%) | $2,990,000 | | Net Lumpsum Payment | $26,029,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,399,743 |
$478,235
$90,983 |
$830,525 |
| 2 |
$1,469,772 |
$504,146
$95,535 |
$870,091 |
| 3 |
$1,543,242 |
$531,330
$100,311 |
$911,601 |
| 4 |
$1,620,432 |
$559,890
$105,328 |
$955,214 |
| 5 |
$1,701,435 |
$589,861
$110,593 |
$1,000,981 |
| 6 |
$1,786,530 |
$621,346
$116,124 |
$1,049,060 |
| 7 |
$1,875,810 |
$654,380
$121,928 |
$1,099,502 |
| 8 |
$1,969,647 |
$689,100
$128,027 |
$1,152,520 |
| 9 |
$2,068,134 |
$725,540
$134,429 |
$1,208,165 |
| 10 |
$2,171,550 |
$763,804
$141,151 |
$1,266,595 |
| 11 |
$2,280,081 |
$803,960
$148,205 |
$1,327,916 |
| 12 |
$2,394,099 |
$846,147
$155,616 |
$1,392,336 |
| 13 |
$2,513,790 |
$890,433
$163,396 |
$1,459,961 |
| 14 |
$2,639,526 |
$936,955
$171,569 |
$1,531,002 |
| 15 |
$2,771,493 |
$985,783
$180,147 |
$1,605,563 |
| 16 |
$2,910,063 |
$1,037,054
$189,154 |
$1,683,855 |
| 17 |
$3,055,515 |
$1,090,871
$198,608 |
$1,766,036 |
| 18 |
$3,208,314 |
$1,147,407
$208,540 |
$1,852,367 |
| 19 |
$3,368,739 |
$1,206,764
$218,968 |
$1,943,007 |
| 20 |
$3,537,162 |
$1,269,080
$229,916 |
$2,038,166 |
| 21 |
$3,714,048 |
$1,334,528
$241,413 |
$2,138,107 |
| 22 |
$3,899,769 |
$1,403,245
$253,485 |
$2,243,039 |
| 23 |
$4,094,697 |
$1,475,368
$266,155 |
$2,353,174 |
| 24 |
$4,299,483 |
$1,551,139
$279,466 |
$2,468,878 |
| 25 |
$4,514,406 |
$1,630,661
$293,436 |
$2,590,309 |
| 26 |
$4,740,210 |
$1,714,208
$308,114 |
$2,717,888 |
| 27 |
$4,977,174 |
$1,801,885
$323,516 |
$2,851,773 |
| 28 |
$5,226,042 |
$1,893,966
$339,693 |
$2,992,383 |
| 29 |
$5,487,372 |
$1,990,658
$356,679 |
$3,140,035 |
| 30 |
$5,761,722 |
$2,092,168
$374,512 |
$3,295,042 |
|
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