West Virginia Lottery

WVLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Sep 21, 2024 is estimated to be $195 Million, with a cash option of 99.1 Million. If you win the Powerball jackpot, the IRS will withhold 24% of your prize money upfront, and you may owe up to an additional 13% in federal taxes when the tax is due. Additionally, if you are a resident of West Virginia, your state will take 6.5% of your lottery winnings.

Please note that the calculation of the Powerball jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

West Virginia Powerball Jackpot/Cash Option for Sat Sep 21, 2024

Draw Date	Jackpot	Cash Option
Sat Sep 21, 2024	$195,000,000	$99,100,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$99,100,000
Federal Tax(24%)	$23,784,000
Additional Federal Tax	$12,843,330
State Tax(6.5%)	$6,441,500
Net Lumpsum Payment	$56,031,170

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$2,934,945	-$1,046,260 -$190,771	$1,697,914
2	$3,081,780	-$1,100,589 -$200,316	$1,780,875
3	$3,235,830	-$1,157,587 -$210,329	$1,867,914
4	$3,397,680	-$1,217,472 -$220,849	$1,959,359
5	$3,567,525	-$1,280,315 -$231,889	$2,055,321
6	$3,745,950	-$1,346,332 -$243,487	$2,156,131
7	$3,933,150	-$1,415,596 -$255,655	$2,261,899
8	$4,129,905	-$1,488,395 -$268,444	$2,373,066
9	$4,336,410	-$1,564,802 -$281,867	$2,489,741
10	$4,553,250	-$1,645,033 -$295,961	$2,612,256
11	$4,780,815	-$1,729,232 -$310,753	$2,740,830
12	$5,019,885	-$1,817,688 -$326,293	$2,875,904
13	$5,270,850	-$1,910,545 -$342,605	$3,017,700
14	$5,534,490	-$2,008,092 -$359,742	$3,166,656
15	$5,811,195	-$2,110,473 -$377,728	$3,322,994
16	$6,101,745	-$2,217,976 -$396,613	$3,487,156
17	$6,406,725	-$2,330,819 -$416,437	$3,659,469
18	$6,727,110	-$2,449,361 -$437,262	$3,840,487
19	$7,063,485	-$2,573,820 -$459,127	$4,030,538
20	$7,416,630	-$2,704,483 -$482,081	$4,230,066
21	$7,787,520	-$2,841,713 -$506,189	$4,439,618
22	$8,176,935	-$2,985,796 -$531,501	$4,659,638
23	$8,585,655	-$3,137,023 -$558,068	$4,890,564
24	$9,015,045	-$3,295,897 -$585,978	$5,133,170
25	$9,465,690	-$3,462,636 -$615,270	$5,387,784
26	$9,939,150	-$3,637,816 -$646,045	$5,655,289
27	$10,436,010	-$3,821,654 -$678,341	$5,936,015
28	$10,957,830	-$4,014,727 -$712,259	$6,230,844
29	$11,505,780	-$4,217,469 -$747,876	$6,540,435
30	$12,081,030	-$4,430,311 -$785,267	$6,865,452