The jackpot for the Powerball draw on Sat Jan 11, 2025, is projected to be $263 Million, with an option for a cash payout of $117.7 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 Jan 11, 2025 |
|---|
| Draw Date | Sat Jan 11, 2025 | | Projected Jackpot | $263,000,000 | | Cash Value | $117,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $117,700,000 | | Federal Tax(24%) | $28,248,000 | | Additional Federal Tax | $15,261,330 | | State Tax(6.5%) | $7,650,500 | | Net Lumpsum Payment | $66,540,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,958,413 |
$1,424,943
$257,297 |
$2,276,173 |
| 2 |
$4,156,452 |
$1,498,218
$270,169 |
$2,388,065 |
| 3 |
$4,364,222 |
$1,575,093
$283,674 |
$2,505,455 |
| 4 |
$4,582,512 |
$1,655,860
$297,863 |
$2,628,789 |
| 5 |
$4,811,585 |
$1,740,617
$312,753 |
$2,758,215 |
| 6 |
$5,052,230 |
$1,829,655
$328,395 |
$2,894,180 |
| 7 |
$5,304,710 |
$1,923,073
$344,806 |
$3,036,831 |
| 8 |
$5,570,077 |
$2,021,259
$362,055 |
$3,186,763 |
| 9 |
$5,848,594 |
$2,124,310
$380,159 |
$3,344,125 |
| 10 |
$6,141,050 |
$2,232,519
$399,168 |
$3,509,363 |
| 11 |
$6,447,971 |
$2,346,080
$419,118 |
$3,682,773 |
| 12 |
$6,770,409 |
$2,465,382
$440,077 |
$3,864,950 |
| 13 |
$7,108,890 |
$2,590,620
$462,078 |
$4,056,192 |
| 14 |
$7,464,466 |
$2,722,183
$485,190 |
$4,257,093 |
| 15 |
$7,837,663 |
$2,860,266
$509,448 |
$4,467,949 |
| 16 |
$8,229,533 |
$3,005,258
$534,920 |
$4,689,355 |
| 17 |
$8,640,865 |
$3,157,450
$561,656 |
$4,921,759 |
| 18 |
$9,072,974 |
$3,317,331
$589,743 |
$5,165,900 |
| 19 |
$9,526,649 |
$3,485,191
$619,232 |
$5,422,226 |
| 20 |
$10,002,942 |
$3,661,419
$650,191 |
$5,691,332 |
| 21 |
$10,503,168 |
$3,846,503
$682,706 |
$5,973,959 |
| 22 |
$11,028,379 |
$4,040,831
$716,845 |
$6,270,703 |
| 23 |
$11,579,627 |
$4,244,792
$752,676 |
$6,582,159 |
| 24 |
$12,158,753 |
$4,459,069
$790,319 |
$6,909,365 |
| 25 |
$12,766,546 |
$4,683,952
$829,825 |
$7,252,769 |
| 26 |
$13,405,110 |
$4,920,221
$871,332 |
$7,613,557 |
| 27 |
$14,075,234 |
$5,168,167
$914,890 |
$7,992,177 |
| 28 |
$14,779,022 |
$5,428,569
$960,636 |
$8,389,817 |
| 29 |
$15,518,052 |
$5,702,010
$1,008,673 |
$8,807,369 |
| 30 |
$16,293,902 |
$5,989,074
$1,059,104 |
$9,245,724 |
|
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