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Texas(TX) Powerball Prize Analysis for Wed Oct 23, 2019
Updated: Sunday, October 20th, 2019 12:27 AM The estimated jackpot for Powerball on Wed Oct 23, 2019 is $120 million. The cash option is $82.5 million. The Powerball prize analysis tells you how much you would get after state, local and federal 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 $82.5 million, the federal tax that must be withheld is $20,625,000.00. There is no state tax for lottery prizes. After all the taxes are paid, the winner gets a net lump-sum payment of $61,875,000.00.
- For the Annuity option in the amount of $120 million, the winner gets paid in 30 annual payments in the average amount of $4,000,000.00 per year. The average federal tax liability is $1,000,000.00 per year. There is no state tax liability for lottery prizes. The average net lump-sum payment after tax withholding is going to be $3,000,000.00 per year. Please Note: Powerball annuity payments are NOT allocated evenly by years. The payments increase annually in a 30 year period. Please see below for the detailed payment schedule.
For detailed information on Powerball Lottery Winning Taxes and Prizes Analysis, see the data listed below.
| Texas(TX) Powerball Prize Analysis for Wed Oct 23, 2019 |
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Wed Oct 23, 2019
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Jackpot: $120 Million
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Cash: $82.5 Million
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| Cash Option - $82.5 Million |
| Gross Cash Payment | 25% Federal Withholding | 0% State Withholding | Lump-Sum Net Payment | | $82,500,000.00 | -$20,625,000.00 | -$0.00 | $61,875,000.00 |
| Annuity - $120 Million in 30 Annual Payments |
| Yr |
Annual Gross Payment |
25% Federal Withholding |
0% State Withholding |
Annual Net Payment |
| 1 | $2,139,611.90 | -$534,902.97 | -$0.00 | $1,604,708.92 | | 2 | $2,225,196.37 | -$556,299.09 | -$0.00 | $1,668,897.28 | | 3 | $2,314,204.23 | -$578,551.06 | -$0.00 | $1,735,653.17 | | 4 | $2,406,772.40 | -$601,693.10 | -$0.00 | $1,805,079.30 | | 5 | $2,503,043.29 | -$625,760.82 | -$0.00 | $1,877,282.47 | | 6 | $2,603,165.02 | -$650,791.26 | -$0.00 | $1,952,373.77 | | 7 | $2,707,291.62 | -$676,822.91 | -$0.00 | $2,030,468.72 | | 8 | $2,815,583.29 | -$703,895.82 | -$0.00 | $2,111,687.47 | | 9 | $2,928,206.62 | -$732,051.66 | -$0.00 | $2,196,154.97 | | 10 | $3,045,334.89 | -$761,333.72 | -$0.00 | $2,284,001.16 | | 11 | $3,167,148.28 | -$791,787.07 | -$0.00 | $2,375,361.21 | | 12 | $3,293,834.21 | -$823,458.55 | -$0.00 | $2,470,375.66 | | 13 | $3,425,587.58 | -$856,396.90 | -$0.00 | $2,569,190.69 | | 14 | $3,562,611.08 | -$890,652.77 | -$0.00 | $2,671,958.31 | | 15 | $3,705,115.53 | -$926,278.88 | -$0.00 | $2,778,836.65 | | 16 | $3,853,320.15 | -$963,330.04 | -$0.00 | $2,889,990.11 | | 17 | $4,007,452.95 | -$1,001,863.24 | -$0.00 | $3,005,589.72 | | 18 | $4,167,751.07 | -$1,041,937.77 | -$0.00 | $3,125,813.30 | | 19 | $4,334,461.12 | -$1,083,615.28 | -$0.00 | $3,250,845.84 | | 20 | $4,507,839.56 | -$1,126,959.89 | -$0.00 | $3,380,879.67 | | 21 | $4,688,153.14 | -$1,172,038.29 | -$0.00 | $3,516,114.86 | | 22 | $4,875,679.27 | -$1,218,919.82 | -$0.00 | $3,656,759.45 | | 23 | $5,070,706.44 | -$1,267,676.61 | -$0.00 | $3,803,029.83 | | 24 | $5,273,534.70 | -$1,318,383.67 | -$0.00 | $3,955,151.02 | | 25 | $5,484,476.08 | -$1,371,119.02 | -$0.00 | $4,113,357.06 | | 26 | $5,703,855.13 | -$1,425,963.78 | -$0.00 | $4,277,891.35 | | 27 | $5,932,009.33 | -$1,483,002.33 | -$0.00 | $4,449,007.00 | | 28 | $6,169,289.71 | -$1,542,322.43 | -$0.00 | $4,626,967.28 | | 29 | $6,416,061.29 | -$1,604,015.32 | -$0.00 | $4,812,045.97 | | 30 | $6,672,703.75 | -$1,668,175.94 | -$0.00 | $5,004,527.81 |
| Other Prizes With More Than $5,000.00 |
| 5 White Ball | 25% Federal Withholding | 0% State Withholding | Net Payment | | $1,000,000.00 | -$250,000.00 | -$0.00 | $750,000.00 | 5 White Ball
with PowerPlay | 25% Federal Withholding | 0% State Withholding | Net Payment | | $2,000,000.00 | -$500,000.00 | -$0.00 | $1,500,000.00 | 4 White Ball
Powerball | 25% Federal Withholding | 0% State Withholding | Net Payment | | $10,000.00 | -$2,500.00 | -$0.00 | $7,500.00 | 4 White Ball
Powerball
with PowerPlay | 25% Federal Withholding | 0% State Withholding | Net Payment | | $40,000.00 | -$10,000.00 | -$0.00 | $30,000.00 |
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More Prize Analysis for Texas(TX) Powerball
| Texas Powerball |
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Next Draw: Wed Oct 23, 2019
$120.00 Million
Change: +$10.00 Million
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