Texas(TX) Lotto Prize Analysis for Wed Sep 30, 2020

Updated: Sunday, September 27th, 2020 12:36 AM

The estimated jackpot for Texas(TX) Lotto on Wed Sep 30, 2020 is $47 million. It was a $1.50 Million 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 $39,800,000, the federal tax that must be withheld is $9,950,000. 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 $29,850,000.
Annuity: If the winner chooses annuity in the amount of $47,000,000, the winner gets paid in 25 annual installments amounting to $1,880,000.00 yearly. The federal tax amounts to $470,000.00 yearly. The winner will receive, after paying all the taxes, $1,410,000.00 yearly.

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

Texas(TX) Lotto Prize Analysis for Wed Sep 30, 2020
Wed Sep 30, 2020	Jackpot: $47 Million	Cash: $39,800,000

Cash Option - $39,800,000
Gross Cash Payment	25% Federal Withholding	No State Tax Withholding	Lump-Sum Net Payment
$39,800,000.00	-$9,950,000.00	-$0.00	$29,850,000.00

Annuity - $47 Million in 25 Annual Payments
Annual Gross Payment	25% Federal Withholding	No State Tax Withholding	Annual Net Payment
$1,880,000.00	-$470,000.00	-$0.00	$1,410,000.00
Total Gross Payment	25% Federal Total Withholding	No State Tax Withholding	Total Net Payment
$47,000,000.00	-$11,750,000.00	-$0.00	$35,250,000.00

Past Prize Analysis for Lotto

More Prize Analysis for Texas(TX) Lotto

Texas Lotto

SUN MON TUE WED THU FRI SAT

06 11 13 22 29 32
Sat Sep 26, 2020	Last 10 \| Calendar \| Search
Intelli-Combos \| Power Picks \| Frequency Chart \| Overdue Chart
Win Checker \| Lotto Wheels \| Prize Analysis News & Payout \| Skip and Hit Analysis

Next Draw: Wed Sep 30, 2020
$47.00 Million
Change: +$1.50 Million