Texas Lottery

Lotto Texas Jackpot Analysis

Lotto Texas Jackpot Analysis

The estimated jackpot for the upcoming draw on February 28th, 2024 is estimated to be $14.75 Million. Should you choose to take the cash option, you would receive approximately $8.34 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 February 28th, 2024 Jackpot/Cash Option for February 28th, 2024

Draw Date Jackpot Cash Option
February 28th, 2024$14.75 Million$8.34 Million

Lotto Texas February 28th, 2024 Lumpsum/Cash Option Taxes and Payment

Category Amount
Cash Gross Payment$8.34 Million
Federal Tax(24%)$2,001,600
Additional Federal Tax$1,044,530
State Tax(0%)$0
Net Lumpsum Payment$5,293,870

Lotto Texas February 28th, 2024 Top Prize Annuity Payment in 30 Installations

Yr Gross Payment Fed/State Tax Net Payment
1 $491,662 -$142,245
-$0
$349,417
2 $491,662 -$142,245
-$0
$349,417
3 $491,662 -$142,245
-$0
$349,417
4 $491,662 -$142,245
-$0
$349,417
5 $491,662 -$142,245
-$0
$349,417
6 $491,662 -$142,245
-$0
$349,417
7 $491,662 -$142,245
-$0
$349,417
8 $491,662 -$142,245
-$0
$349,417
9 $491,662 -$142,245
-$0
$349,417
10 $491,662 -$142,245
-$0
$349,417
11 $491,662 -$142,245
-$0
$349,417
12 $491,662 -$142,245
-$0
$349,417
13 $491,662 -$142,245
-$0
$349,417
14 $491,662 -$142,245
-$0
$349,417
15 $491,662 -$142,245
-$0
$349,417
16 $491,662 -$142,245
-$0
$349,417
17 $491,662 -$142,245
-$0
$349,417
18 $491,662 -$142,245
-$0
$349,417
19 $491,662 -$142,245
-$0
$349,417
20 $491,662 -$142,245
-$0
$349,417
21 $491,662 -$142,245
-$0
$349,417
22 $491,662 -$142,245
-$0
$349,417
23 $491,662 -$142,245
-$0
$349,417
24 $491,662 -$142,245
-$0
$349,417
25 $491,662 -$142,245
-$0
$349,417
26 $491,662 -$142,245
-$0
$349,417
27 $491,662 -$142,245
-$0
$349,417
28 $491,662 -$142,245
-$0
$349,417
29 $491,662 -$142,245
-$0
$349,417
30 $491,662 -$142,245
-$0
$349,417