Texas Lottery

Texas MEGA Millions Jackpot Analysis April 20th, 2024

Texas MEGA Millions Jackpot Analysis

The estimated jackpot for the draw on was $. Should you choose to take the cash option, you would receive approximately $. It's important to note that this amount represents about 0% of the announced jackpot, which is fairly typical for lotteries.

Upon winning, keep in mind that tax obligations come into play. The Internal Revenue Service (IRS) will automatically withhold 24% of your prize money as federal tax. Furthermore, depending on your total income, you may owe up to an additional 13% in federal taxes when your annual tax return is due. However, there's a silver lining for residents of Texas, as you'll be exempt from any state taxes on your lottery winnings, providing significant savings.

As a winner, you have two primary ways to collect your jackpot:

The tax calculations provided in this analysis are based on the Federal Income Tax brackets for 2023, ensuring accuracy in the current tax year. Keep in mind that tax laws can change, and you should consult with a financial advisor to understand how these potential winnings could impact your financial situation.

Best of luck with your ticket!.

Texas MEGA Millions Jackpot/Cash Option for

Draw Date Jackpot Cash Option
$$

Texas MEGA Millions Lumpsum/Cash Option Taxes and Payment

Category Amount
Cash Gross Payment$
Federal Tax(24%)$0
Additional Federal Tax$-39,670
State Tax(0%)$0
Net Lumpsum Payment$39,670

Texas MEGA Millions Top Prize Annuity Payment in 30 Installations

Yr Gross Payment Fed/State Tax Net Payment
1 $0 -$-39,670
-$0
$39,670
2 $0 -$-39,670
-$0
$39,670
3 $0 -$-39,670
-$0
$39,670
4 $0 -$-39,670
-$0
$39,670
5 $0 -$-39,670
-$0
$39,670
6 $0 -$-39,670
-$0
$39,670
7 $0 -$-39,670
-$0
$39,670
8 $0 -$-39,670
-$0
$39,670
9 $0 -$-39,670
-$0
$39,670
10 $0 -$-39,670
-$0
$39,670
11 $0 -$-39,670
-$0
$39,670
12 $0 -$-39,670
-$0
$39,670
13 $0 -$-39,670
-$0
$39,670
14 $0 -$-39,670
-$0
$39,670
15 $0 -$-39,670
-$0
$39,670
16 $0 -$-39,670
-$0
$39,670
17 $0 -$-39,670
-$0
$39,670
18 $0 -$-39,670
-$0
$39,670
19 $0 -$-39,670
-$0
$39,670
20 $0 -$-39,670
-$0
$39,670
21 $0 -$-39,670
-$0
$39,670
22 $0 -$-39,670
-$0
$39,670
23 $0 -$-39,670
-$0
$39,670
24 $0 -$-39,670
-$0
$39,670
25 $0 -$-39,670
-$0
$39,670
26 $0 -$-39,670
-$0
$39,670
27 $0 -$-39,670
-$0
$39,670
28 $0 -$-39,670
-$0
$39,670
29 $0 -$-39,670
-$0
$39,670
30 $0 -$-39,670
-$0
$39,670