The jackpot for the MEGA Millions draw on Tue May 14, 2024, is projected to be $363 Million, with an option for a cash payout of $166.9 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 May 14, 2024 |
|---|
| Draw Date | Tue May 14, 2024 | | Projected Jackpot | $363,000,000 | | Cash Value | $166,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $166,900,000 | | Federal Tax(24%) | $40,056,000 | | Additional Federal Tax | $21,657,330 | | State Tax(6.5%) | $10,848,500 | | Net Lumpsum Payment | $94,338,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,463,513 |
$1,981,830
$355,128 |
$3,126,555 |
| 2 |
$5,736,852 |
$2,082,966
$372,895 |
$3,280,991 |
| 3 |
$6,023,622 |
$2,189,071
$391,535 |
$3,443,016 |
| 4 |
$6,324,912 |
$2,300,548
$411,119 |
$3,613,245 |
| 5 |
$6,641,085 |
$2,417,532
$431,671 |
$3,791,882 |
| 6 |
$6,973,230 |
$2,540,425
$453,260 |
$3,979,545 |
| 7 |
$7,321,710 |
$2,669,363
$475,911 |
$4,176,436 |
| 8 |
$7,687,977 |
$2,804,882
$499,719 |
$4,383,376 |
| 9 |
$8,072,394 |
$2,947,116
$524,706 |
$4,600,572 |
| 10 |
$8,476,050 |
$3,096,469
$550,943 |
$4,828,638 |
| 11 |
$8,899,671 |
$3,253,209
$578,479 |
$5,067,983 |
| 12 |
$9,344,709 |
$3,417,873
$607,406 |
$5,319,430 |
| 13 |
$9,811,890 |
$3,590,730
$637,773 |
$5,583,387 |
| 14 |
$10,302,666 |
$3,772,317
$669,673 |
$5,860,676 |
| 15 |
$10,817,763 |
$3,962,903
$703,155 |
$6,151,705 |
| 16 |
$11,358,633 |
$4,163,025
$738,311 |
$6,457,297 |
| 17 |
$11,926,365 |
$4,373,085
$775,214 |
$6,778,066 |
| 18 |
$12,522,774 |
$4,593,757
$813,980 |
$7,115,037 |
| 19 |
$13,148,949 |
$4,825,442
$854,682 |
$7,468,825 |
| 20 |
$13,806,342 |
$5,068,677
$897,412 |
$7,840,253 |
| 21 |
$14,496,768 |
$5,324,135
$942,290 |
$8,230,343 |
| 22 |
$15,221,679 |
$5,592,352
$989,409 |
$8,639,918 |
| 23 |
$15,982,527 |
$5,873,865
$1,038,864 |
$9,069,798 |
| 24 |
$16,781,853 |
$6,169,616
$1,090,820 |
$9,521,417 |
| 25 |
$17,620,746 |
$6,480,006
$1,145,348 |
$9,995,392 |
| 26 |
$18,502,110 |
$6,806,111
$1,202,637 |
$10,493,362 |
| 27 |
$19,427,034 |
$7,148,333
$1,262,757 |
$11,015,944 |
| 28 |
$20,398,422 |
$7,507,747
$1,325,897 |
$11,564,778 |
| 29 |
$21,418,452 |
$7,885,158
$1,392,199 |
$12,141,095 |
| 30 |
$22,489,302 |
$8,281,372
$1,461,805 |
$12,746,125 |
|
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