Texas Lottery

Lotto Texas Jackpot Analysis

Lotto Texas Jackpot Analysis

The estimated jackpot for the upcoming draw on March 4th, 2024 is estimated to be $16 Million. Should you choose to take the cash option, you would receive approximately $9.04 Million. It's important to note that this amount represents about 56% 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 March 4th, 2024 Jackpot/Cash Option for March 4th, 2024

Draw Date Jackpot Cash Option
March 4th, 2024$16 Million$9.04 Million

Lotto Texas March 4th, 2024 Lumpsum/Cash Option Taxes and Payment

Category Amount
Cash Gross Payment$9.04 Million
Federal Tax(24%)$2,169,600
Additional Federal Tax$1,135,530
State Tax(0%)$0
Net Lumpsum Payment$5,734,870

Lotto Texas March 4th, 2024 Top Prize Annuity Payment in 30 Installations

Yr Gross Payment Fed/State Tax Net Payment
1 $533,328 -$157,662
-$0
$375,666
2 $533,328 -$157,662
-$0
$375,666
3 $533,328 -$157,662
-$0
$375,666
4 $533,328 -$157,662
-$0
$375,666
5 $533,328 -$157,662
-$0
$375,666
6 $533,328 -$157,662
-$0
$375,666
7 $533,328 -$157,662
-$0
$375,666
8 $533,328 -$157,662
-$0
$375,666
9 $533,328 -$157,662
-$0
$375,666
10 $533,328 -$157,662
-$0
$375,666
11 $533,328 -$157,662
-$0
$375,666
12 $533,328 -$157,662
-$0
$375,666
13 $533,328 -$157,662
-$0
$375,666
14 $533,328 -$157,662
-$0
$375,666
15 $533,328 -$157,662
-$0
$375,666
16 $533,328 -$157,662
-$0
$375,666
17 $533,328 -$157,662
-$0
$375,666
18 $533,328 -$157,662
-$0
$375,666
19 $533,328 -$157,662
-$0
$375,666
20 $533,328 -$157,662
-$0
$375,666
21 $533,328 -$157,662
-$0
$375,666
22 $533,328 -$157,662
-$0
$375,666
23 $533,328 -$157,662
-$0
$375,666
24 $533,328 -$157,662
-$0
$375,666
25 $533,328 -$157,662
-$0
$375,666
26 $533,328 -$157,662
-$0
$375,666
27 $533,328 -$157,662
-$0
$375,666
28 $533,328 -$157,662
-$0
$375,666
29 $533,328 -$157,662
-$0
$375,666
30 $533,328 -$157,662
-$0
$375,666