Texas(TX) Lotto Prize Analysis for Sat Aug 02, 2014

Updated: Thursday, July 31st, 2014 01:15 AM

The estimated jackpot for Texas(TX) Lotto on Sat Aug 02, 2014 is $12.75 million. It was a $750,000 increase from previous jackpot. The Texas(TX) Lotto prize analysis tells you how much you would get paid after tax withholdings.

As legally required by the state of Texas, taxes are withheld on lottery winnings of $600.00 or more. For prizes over $5,000.00, US citizens and resident aliens with a social security number are subject to a 25% deduction to their prizes, which represents federal taxes. Luckily, lottery prizes are exempt from Texas state and local personal income taxes. For more information on taxes for lottery winnings in the state of Texas, click here.

Choose Payment Option: The Texas Lotto players have to choose either "Cash Value Option" or 25 annual payments while purchasing the Lotto Texas ticket. If no payment options selected, the purchase will be rejected.
For the Cash Option in the amount of $8,510,000, the federal tax that must be withheld is $2,127,500. There is no state tax for lottery prizes in the state of Texas. After all the taxes are paid, the winner gets a net lump-sum payment of $6,382,500.
Annuity: If the winner chooses annuity in the amount of $12,750,000, the winner gets paid in 25 annual installments amounting to $510,000.00 yearly. The federal tax amounts to $127,500.00 yearly. The winner will receive, after paying all the taxes, $382,500.00 yearly.

Find below chart for jackpot analysis details of Texas(TX) Lotto.

Texas(TX) Lotto Prize Analysis for Sat Aug 02, 2014
Sat Aug 02, 2014	Jackpot: $12.75 Million	Cash: $8,510,000

Cash Option - $8,510,000
Gross Cash Payment	25% Federal Withholding	No State Tax Withholding	Lump-Sum Net Payment
$8,510,000.00	-$2,127,500.00	-$0.00	$6,382,500.00

Annuity - $12.75 Million in 25 Annual Payments
Annual Gross Payment	25% Federal Withholding	No State Tax Withholding	Annual Net Payment
$510,000.00	-$127,500.00	-$0.00	$382,500.00
Total Gross Payment	25% Federal Total Withholding	No State Tax Withholding	Total Net Payment
$12,750,000.00	-$3,187,500.00	-$0.00	$9,562,500.00

Past Prize Analysis for Lotto

More Prize Analysis for Texas(TX) Lotto

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Next Draw: Sat Aug 2, 2014
$12.75 Million
Change: +$750,000