Texas Lottery

Lotto Texas Jackpot Analysis

Lotto Texas Jackpot Analysis

The estimated jackpot for the upcoming draw on June 12th, 2024 is estimated to be $25.75 Million. Should you choose to take the cash option, you would receive approximately $14.3 Million. It's important to note that this amount represents about 55% 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!.

Lotto Texas June 12th, 2024 Jackpot/Cash Option for June 12th, 2024

Draw Date Jackpot Cash Option
June 12th, 2024$25.75 Million$14.3 Million

Lotto Texas June 12th, 2024 Lumpsum/Cash Option Taxes and Payment

Category Amount
Cash Gross Payment$14.3 Million
Federal Tax(24%)$3,432,000
Additional Federal Tax$1,819,330
State Tax(0%)$0
Net Lumpsum Payment$9,048,670

Lotto Texas June 12th, 2024 Top Prize Annuity Payment in 30 Installations

Yr Gross Payment Fed/State Tax Net Payment
1 $858,325 -$277,911
-$0
$580,414
2 $858,325 -$277,911
-$0
$580,414
3 $858,325 -$277,911
-$0
$580,414
4 $858,325 -$277,911
-$0
$580,414
5 $858,325 -$277,911
-$0
$580,414
6 $858,325 -$277,911
-$0
$580,414
7 $858,325 -$277,911
-$0
$580,414
8 $858,325 -$277,911
-$0
$580,414
9 $858,325 -$277,911
-$0
$580,414
10 $858,325 -$277,911
-$0
$580,414
11 $858,325 -$277,911
-$0
$580,414
12 $858,325 -$277,911
-$0
$580,414
13 $858,325 -$277,911
-$0
$580,414
14 $858,325 -$277,911
-$0
$580,414
15 $858,325 -$277,911
-$0
$580,414
16 $858,325 -$277,911
-$0
$580,414
17 $858,325 -$277,911
-$0
$580,414
18 $858,325 -$277,911
-$0
$580,414
19 $858,325 -$277,911
-$0
$580,414
20 $858,325 -$277,911
-$0
$580,414
21 $858,325 -$277,911
-$0
$580,414
22 $858,325 -$277,911
-$0
$580,414
23 $858,325 -$277,911
-$0
$580,414
24 $858,325 -$277,911
-$0
$580,414
25 $858,325 -$277,911
-$0
$580,414
26 $858,325 -$277,911
-$0
$580,414
27 $858,325 -$277,911
-$0
$580,414
28 $858,325 -$277,911
-$0
$580,414
29 $858,325 -$277,911
-$0
$580,414
30 $858,325 -$277,911
-$0
$580,414