The jackpot for the MEGA Millions draw on Tue May 21, 2024, is projected to be $421 Million, with an option for a cash payout of $195.9 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 21, 2024 |
|---|
| Draw Date | Tue May 21, 2024 | | Projected Jackpot | $421,000,000 | | Cash Value | $195,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $195,900,000 | | Federal Tax(24%) | $47,016,000 | | Additional Federal Tax | $25,427,330 | | State Tax(6.5%) | $12,733,500 | | Net Lumpsum Payment | $110,723,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$6,336,471 |
$2,304,825
$411,871 |
$3,619,775 |
| 2 |
$6,653,484 |
$2,422,119
$432,476 |
$3,798,889 |
| 3 |
$6,986,074 |
$2,545,178
$454,095 |
$3,986,801 |
| 4 |
$7,335,504 |
$2,674,467
$476,808 |
$4,184,229 |
| 5 |
$7,702,195 |
$2,810,143
$500,643 |
$4,391,409 |
| 6 |
$8,087,410 |
$2,952,672
$525,682 |
$4,609,056 |
| 7 |
$8,491,570 |
$3,102,211
$551,952 |
$4,837,407 |
| 8 |
$8,916,359 |
$3,259,383
$579,563 |
$5,077,413 |
| 9 |
$9,362,198 |
$3,424,344
$608,543 |
$5,329,311 |
| 10 |
$9,830,350 |
$3,597,560
$638,973 |
$5,593,817 |
| 11 |
$10,321,657 |
$3,779,343
$670,908 |
$5,871,406 |
| 12 |
$10,837,803 |
$3,970,317
$704,457 |
$6,163,029 |
| 13 |
$11,379,630 |
$4,170,793
$739,676 |
$6,469,161 |
| 14 |
$11,948,822 |
$4,381,395
$776,673 |
$6,790,754 |
| 15 |
$12,546,221 |
$4,602,432
$815,504 |
$7,128,285 |
| 16 |
$13,173,511 |
$4,834,529
$856,278 |
$7,482,704 |
| 17 |
$13,831,955 |
$5,078,154
$899,077 |
$7,854,724 |
| 18 |
$14,523,658 |
$5,334,084
$944,038 |
$8,245,536 |
| 19 |
$15,249,883 |
$5,602,787
$991,242 |
$8,655,854 |
| 20 |
$16,012,314 |
$5,884,887
$1,040,800 |
$9,086,627 |
| 21 |
$16,813,056 |
$6,181,161
$1,092,849 |
$9,539,046 |
| 22 |
$17,653,793 |
$6,492,234
$1,147,497 |
$10,014,062 |
| 23 |
$18,536,209 |
$6,818,728
$1,204,854 |
$10,512,627 |
| 24 |
$19,463,251 |
$7,161,733
$1,265,111 |
$11,036,407 |
| 25 |
$20,436,182 |
$7,521,718
$1,328,352 |
$11,586,112 |
| 26 |
$21,458,370 |
$7,899,927
$1,394,794 |
$12,163,649 |
| 27 |
$22,531,078 |
$8,296,829
$1,464,520 |
$12,769,729 |
| 28 |
$23,657,674 |
$8,713,670
$1,537,749 |
$13,406,255 |
| 29 |
$24,840,684 |
$9,151,383
$1,614,644 |
$14,074,657 |
| 30 |
$26,082,634 |
$9,610,905
$1,695,371 |
$14,776,358 |
|
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