Texas Lottery

Texas MEGA Millions Jackpot Analysis February 20th, 2024

Texas MEGA Millions Jackpot Analysis

The estimated jackpot for the draw on February 20th, 2024 was $493 Million. Should you choose to take the cash option, you would receive approximately $231.1 Million. It's important to note that this amount represents about 46% 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 February 20th, 2024 Jackpot/Cash Option for February 20th, 2024

Draw Date Jackpot Cash Option
February 20th, 2024$493 Million$231.1 Million

Texas MEGA Millions February 20th, 2024 Lumpsum/Cash Option Taxes and Payment

Category Amount
Cash Gross Payment$231.1 Million
Federal Tax(24%)$55,464,000
Additional Federal Tax$30,003,330
State Tax(0%)$0
Net Lumpsum Payment$145,632,670

Texas MEGA Millions February 20th, 2024 Top Prize Annuity Payment in 30 Installations

Yr Gross Payment Fed/State Tax Net Payment
1 $7,420,143 -$2,705,783
-$0
$4,714,360
2 $7,791,372 -$2,843,138
-$0
$4,948,234
3 $8,180,842 -$2,987,242
-$0
$5,193,600
4 $8,590,032 -$3,138,642
-$0
$5,451,390
5 $9,019,435 -$3,297,521
-$0
$5,721,914
6 $9,470,530 -$3,464,426
-$0
$6,006,104
7 $9,943,810 -$3,639,540
-$0
$6,304,270
8 $10,441,247 -$3,823,592
-$0
$6,617,655
9 $10,963,334 -$4,016,764
-$0
$6,946,570
10 $11,511,550 -$4,219,604
-$0
$7,291,946
11 $12,086,881 -$4,432,476
-$0
$7,654,405
12 $12,691,299 -$4,656,111
-$0
$8,035,188
13 $13,325,790 -$4,890,873
-$0
$8,434,917
14 $13,992,326 -$5,137,491
-$0
$8,854,835
15 $14,691,893 -$5,396,331
-$0
$9,295,562
16 $15,426,463 -$5,668,122
-$0
$9,758,341
17 $16,197,515 -$5,953,411
-$0
$10,244,104
18 $17,007,514 -$6,253,111
-$0
$10,754,403
19 $17,857,939 -$6,567,768
-$0
$11,290,171
20 $18,750,762 -$6,898,112
-$0
$11,852,650
21 $19,688,448 -$7,245,056
-$0
$12,443,392
22 $20,672,969 -$7,609,329
-$0
$13,063,640
23 $21,706,297 -$7,991,660
-$0
$13,714,637
24 $22,791,883 -$8,393,327
-$0
$14,398,556
25 $23,931,206 -$8,814,877
-$0
$15,116,329
26 $25,128,210 -$9,257,768
-$0
$15,870,442
27 $26,384,374 -$9,722,549
-$0
$16,661,825
28 $27,703,642 -$10,210,678
-$0
$17,492,964
29 $29,088,972 -$10,723,250
-$0
$18,365,722
30 $30,543,322 -$11,261,360
-$0
$19,281,962