The jackpot for the Powerball draw on Sat Nov 16, 2024, is projected to be $130 Million, with an option for a cash payout of $61.4 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 Sat Nov 16, 2024 |
|---|
| Draw Date | Sat Nov 16, 2024 | | Projected Jackpot | $130,000,000 | | Cash Value | $61,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $61,400,000 | | Federal Tax(24%) | $14,736,000 | | Additional Federal Tax | $7,942,330 | | State Tax(6.5%) | $3,991,000 | | Net Lumpsum Payment | $34,730,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,956,630 |
$684,283
$127,181 |
$1,145,166 |
| 2 |
$2,054,520 |
$720,503
$133,544 |
$1,200,473 |
| 3 |
$2,157,220 |
$758,502
$140,219 |
$1,258,499 |
| 4 |
$2,265,120 |
$798,425
$147,233 |
$1,319,462 |
| 5 |
$2,378,350 |
$840,320
$154,593 |
$1,383,437 |
| 6 |
$2,497,300 |
$884,331
$162,325 |
$1,450,644 |
| 7 |
$2,622,100 |
$930,507
$170,437 |
$1,521,156 |
| 8 |
$2,753,270 |
$979,040
$178,963 |
$1,595,267 |
| 9 |
$2,890,940 |
$1,029,978
$187,911 |
$1,673,051 |
| 10 |
$3,035,500 |
$1,083,465
$197,308 |
$1,754,727 |
| 11 |
$3,187,210 |
$1,139,598
$207,169 |
$1,840,443 |
| 12 |
$3,346,590 |
$1,198,569
$217,528 |
$1,930,493 |
| 13 |
$3,513,900 |
$1,260,473
$228,404 |
$2,025,023 |
| 14 |
$3,689,660 |
$1,325,505
$239,828 |
$2,124,327 |
| 15 |
$3,874,130 |
$1,393,758
$251,818 |
$2,228,554 |
| 16 |
$4,067,830 |
$1,465,427
$264,409 |
$2,337,994 |
| 17 |
$4,271,150 |
$1,540,656
$277,625 |
$2,452,869 |
| 18 |
$4,484,740 |
$1,619,684
$291,508 |
$2,573,548 |
| 19 |
$4,708,990 |
$1,702,657
$306,084 |
$2,700,249 |
| 20 |
$4,944,420 |
$1,789,766
$321,387 |
$2,833,267 |
| 21 |
$5,191,680 |
$1,881,252
$337,459 |
$2,972,969 |
| 22 |
$5,451,290 |
$1,977,308
$354,334 |
$3,119,648 |
| 23 |
$5,723,770 |
$2,078,125
$372,045 |
$3,273,600 |
| 24 |
$6,010,030 |
$2,184,041
$390,652 |
$3,435,337 |
| 25 |
$6,310,460 |
$2,295,201
$410,180 |
$3,605,079 |
| 26 |
$6,626,100 |
$2,411,987
$430,697 |
$3,783,416 |
| 27 |
$6,957,340 |
$2,534,546
$452,227 |
$3,970,567 |
| 28 |
$7,305,220 |
$2,663,262
$474,839 |
$4,167,119 |
| 29 |
$7,670,520 |
$2,798,423
$498,584 |
$4,373,513 |
| 30 |
$8,054,020 |
$2,940,318
$523,511 |
$4,590,191 |
|
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