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Texas(TX) MEGA Millions Prize Analysis for Fri May 20, 2022
Updated: Wednesday, May 18th, 2022 12:36 AM The estimated jackpot for MEGA Millions on Fri May 20, 2022 is $131 million. The cash option is $74.9 million. The MEGA Millions prize analysis tells you how much you would get 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.
- For the Cash Option in the amount of $74.9 million, the federal tax that must be withheld is $18,725,000.00. There is no state tax on lottery prizes. After federal taxes are paid, the winner gets a net lump-sum payment of $56,175,000.00.
- For the $131 million annuity, the winner gets paid in 30 equal annual installments amounting to $4,366,666.67 yearly. The federal tax amounts to $1,091,666.67 yearly. There is no state tax deduction. The winner will receive, after paying federal taxes, $3,275,000.00 yearly.
For detailed information on MEGA Millions Lottery Winning Taxes and Prizes Analysis, see the data listed below.
| Texas(TX) MEGA Millions Prize Analysis for Fri May 20, 2022 |
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Fri May 20, 2022
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Jackpot: $131 Million
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Cash: $74.9 Million
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| Cash Option - $74.9 Million |
| Gross Cash Payment | 25% Federal Withholding | 0% State Withholding | Lump-Sum Net Payment | | $74,900,000.00 | -$18,725,000.00 | -$0.00 | $56,175,000.00 |
| Annuity - $131 Million in 30 Annual Payments |
| Gross Annual Payment | 25% Federal
Annual Withholding | 0% State
Annual Withholding | Net Annual Payment | | $4,366,666.67 | -$1,091,666.67 | -$0.00 | $3,275,000.00 | | Total Gross Payment | 25% Federal
Total Withholding | 0% State
Total Withholding | Total Net Payment | | $131,000,000.00 | -$32,750,000.00 | -$0.00 | $98,250,000.00 |
Past Prize Analysis for MEGA-Millions- MEGA Millions Jackpot Analysis for Friday, May 20th
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More Prize Analysis for Texas(TX) MEGA Millions
| Texas MEGA Millions |
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Next Draw: Fri May 20, 2022
131,000,000
Change: +19,000,000
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TXLOTTERYX.COM is not associated with the official Texas State Lottery. The information contained in this website is provided for informational purposes only. Every effort has been made to ensure that the winning numbers and other information posted on this website are accurate. No valid claim may be based on the winning numbers or other information contained on this website. TXLOTTERYX.COM makes no warranties, guarantees or representations, of any kind, express or implied, as to the content, accuracy, completeness, reliability or timeliness of the information contained in this website or in the sites of any links provided herein. The information should always be verified by contacting the Official Lottery before it is used in any way. In the event of a discrepancy between the numbers posted on this website and the official winning numbers, the official winning numbers shall control.
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