Texas Lottery

Lotto Texas Jackpot Analysis

Lotto Texas Jackpot Analysis

The estimated jackpot for the upcoming draw on April 24th, 2024 is estimated to be $12.5 Million. Should you choose to take the cash option, you would receive approximately $6.77 Million. It's important to note that this amount represents about 54% 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 April 24th, 2024 Jackpot/Cash Option for April 24th, 2024

Draw Date Jackpot Cash Option
April 24th, 2024$12.5 Million$6.77 Million

Lotto Texas April 24th, 2024 Lumpsum/Cash Option Taxes and Payment

Category Amount
Cash Gross Payment$6.77 Million
Federal Tax(24%)$1,624,800
Additional Federal Tax$840,430
State Tax(0%)$0
Net Lumpsum Payment$4,304,770

Lotto Texas April 24th, 2024 Top Prize Annuity Payment in 30 Installations

Yr Gross Payment Fed/State Tax Net Payment
1 $416,663 -$114,496
-$0
$302,167
2 $416,663 -$114,496
-$0
$302,167
3 $416,663 -$114,496
-$0
$302,167
4 $416,663 -$114,496
-$0
$302,167
5 $416,663 -$114,496
-$0
$302,167
6 $416,663 -$114,496
-$0
$302,167
7 $416,663 -$114,496
-$0
$302,167
8 $416,663 -$114,496
-$0
$302,167
9 $416,663 -$114,496
-$0
$302,167
10 $416,663 -$114,496
-$0
$302,167
11 $416,663 -$114,496
-$0
$302,167
12 $416,663 -$114,496
-$0
$302,167
13 $416,663 -$114,496
-$0
$302,167
14 $416,663 -$114,496
-$0
$302,167
15 $416,663 -$114,496
-$0
$302,167
16 $416,663 -$114,496
-$0
$302,167
17 $416,663 -$114,496
-$0
$302,167
18 $416,663 -$114,496
-$0
$302,167
19 $416,663 -$114,496
-$0
$302,167
20 $416,663 -$114,496
-$0
$302,167
21 $416,663 -$114,496
-$0
$302,167
22 $416,663 -$114,496
-$0
$302,167
23 $416,663 -$114,496
-$0
$302,167
24 $416,663 -$114,496
-$0
$302,167
25 $416,663 -$114,496
-$0
$302,167
26 $416,663 -$114,496
-$0
$302,167
27 $416,663 -$114,496
-$0
$302,167
28 $416,663 -$114,496
-$0
$302,167
29 $416,663 -$114,496
-$0
$302,167
30 $416,663 -$114,496
-$0
$302,167