Texas Lottery

Texas MEGA Millions Jackpot Analysis April 2nd, 2021

Texas MEGA Millions Jackpot Analysis

The estimated jackpot for the draw on April 2nd, 2021 was $168 Million. Should you choose to take the cash option, you would receive approximately $112.1 Million. It's important to note that this amount represents about 66% 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!.

Texas MEGA Millions April 2nd, 2021 Jackpot/Cash Option for April 2nd, 2021

Draw Date Jackpot Cash Option
April 2nd, 2021$168 Million$112.1 Million

Texas MEGA Millions April 2nd, 2021 Lumpsum/Cash Option Taxes and Payment

Category Amount
Cash Gross Payment$112.1 Million
Federal Tax(24%)$26,904,000
Additional Federal Tax$14,533,330
State Tax(0%)$0
Net Lumpsum Payment$70,662,670

Texas MEGA Millions April 2nd, 2021 Top Prize Annuity Payment in 30 Installations

Yr Gross Payment Fed/State Tax Net Payment
1 $2,528,568 -$895,901
-$0
$1,632,667
2 $2,655,072 -$942,707
-$0
$1,712,365
3 $2,787,792 -$991,813
-$0
$1,795,979
4 $2,927,232 -$1,043,406
-$0
$1,883,826
5 $3,073,560 -$1,097,548
-$0
$1,976,012
6 $3,227,280 -$1,154,424
-$0
$2,072,856
7 $3,388,560 -$1,214,098
-$0
$2,174,462
8 $3,558,072 -$1,276,817
-$0
$2,281,255
9 $3,735,984 -$1,342,644
-$0
$2,393,340
10 $3,922,800 -$1,411,766
-$0
$2,511,034
11 $4,118,856 -$1,484,307
-$0
$2,634,549
12 $4,324,824 -$1,560,515
-$0
$2,764,309
13 $4,541,040 -$1,640,515
-$0
$2,900,525
14 $4,768,176 -$1,724,556
-$0
$3,043,620
15 $5,006,568 -$1,812,761
-$0
$3,193,807
16 $5,256,888 -$1,905,379
-$0
$3,351,509
17 $5,519,640 -$2,002,597
-$0
$3,517,043
18 $5,795,664 -$2,104,726
-$0
$3,690,938
19 $6,085,464 -$2,211,952
-$0
$3,873,512
20 $6,389,712 -$2,324,524
-$0
$4,065,188
21 $6,709,248 -$2,442,752
-$0
$4,266,496
22 $7,044,744 -$2,566,886
-$0
$4,477,858
23 $7,396,872 -$2,697,173
-$0
$4,699,699
24 $7,766,808 -$2,834,049
-$0
$4,932,759
25 $8,155,056 -$2,977,701
-$0
$5,177,355
26 $8,562,960 -$3,128,626
-$0
$5,434,334
27 $8,991,024 -$3,287,009
-$0
$5,704,015
28 $9,440,592 -$3,453,349
-$0
$5,987,243
29 $9,912,672 -$3,628,019
-$0
$6,284,653
30 $10,408,272 -$3,811,391
-$0
$6,596,881