Texas MEGA Millions Jackpot Analysis May 22nd, 2020 |
The estimated jackpot for the draw on May 22nd, 2020 was $298 Million. Should you choose to take the cash option, you would receive approximately $235 Million. It's important to note that this amount represents about 78% 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!.
| Draw Date | Jackpot | Cash Option |
|---|---|---|
| May 22nd, 2020 | $298 Million | $235 Million |
| Category | Amount |
|---|---|
| Cash Gross Payment | $235 Million |
| Federal Tax(24%) | $56,400,000 |
| Additional Federal Tax | $30,510,330 |
| State Tax(0%) | $0 |
| Net Lumpsum Payment | $148,089,670 |
| Yr | Gross Payment | Fed/State Tax | Net Payment |
|---|---|---|---|
| 1 | $4,485,198 | -$1,619,854 -$0 |
$2,865,344 |
| 2 | $4,709,592 | -$1,702,879 -$0 |
$3,006,713 |
| 3 | $4,945,012 | -$1,789,985 -$0 |
$3,155,027 |
| 4 | $5,192,352 | -$1,881,501 -$0 |
$3,310,851 |
| 5 | $5,451,910 | -$1,977,537 -$0 |
$3,474,373 |
| 6 | $5,724,580 | -$2,078,425 -$0 |
$3,646,155 |
| 7 | $6,010,660 | -$2,184,275 -$0 |
$3,826,385 |
| 8 | $6,311,342 | -$2,295,527 -$0 |
$4,015,815 |
| 9 | $6,626,924 | -$2,412,292 -$0 |
$4,214,632 |
| 10 | $6,958,300 | -$2,534,901 -$0 |
$4,423,399 |
| 11 | $7,306,066 | -$2,663,575 -$0 |
$4,642,491 |
| 12 | $7,671,414 | -$2,798,754 -$0 |
$4,872,660 |
| 13 | $8,054,940 | -$2,940,658 -$0 |
$5,114,282 |
| 14 | $8,457,836 | -$3,089,730 -$0 |
$5,368,106 |
| 15 | $8,880,698 | -$3,246,189 -$0 |
$5,634,509 |
| 16 | $9,324,718 | -$3,410,476 -$0 |
$5,914,242 |
| 17 | $9,790,790 | -$3,582,923 -$0 |
$6,207,867 |
| 18 | $10,280,404 | -$3,764,080 -$0 |
$6,516,324 |
| 19 | $10,794,454 | -$3,954,278 -$0 |
$6,840,176 |
| 20 | $11,334,132 | -$4,153,959 -$0 |
$7,180,173 |
| 21 | $11,900,928 | -$4,363,674 -$0 |
$7,537,254 |
| 22 | $12,496,034 | -$4,583,863 -$0 |
$7,912,171 |
| 23 | $13,120,642 | -$4,814,968 -$0 |
$8,305,674 |
| 24 | $13,776,838 | -$5,057,760 -$0 |
$8,719,078 |
| 25 | $14,465,516 | -$5,312,571 -$0 |
$9,152,945 |
| 26 | $15,189,060 | -$5,580,283 -$0 |
$9,608,777 |
| 27 | $15,948,364 | -$5,861,225 -$0 |
$10,087,139 |
| 28 | $16,745,812 | -$6,156,281 -$0 |
$10,589,531 |
| 29 | $17,583,192 | -$6,466,111 -$0 |
$11,117,081 |
| 30 | $18,462,292 | -$6,791,378 -$0 |
$11,670,914 |