Texas Lottery

Texas MEGA Millions Jackpot Analysis

Texas MEGA Millions Jackpot Analysis

The estimated jackpot for the upcoming draw on March 1st, 2024 is estimated to be $607 Million. Should you choose to take the cash option, you would receive approximately $286.9 Million. It's important to note that this amount represents about 47% 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 March 1st, 2024 Jackpot/Cash Option for March 1st, 2024

Draw Date Jackpot Cash Option
March 1st, 2024$607 Million$286.9 Million

Texas MEGA Millions March 1st, 2024 Lumpsum/Cash Option Taxes and Payment

Category Amount
Cash Gross Payment$286.9 Million
Federal Tax(24%)$68,856,000
Additional Federal Tax$37,257,330
State Tax(0%)$0
Net Lumpsum Payment$180,786,670

Texas MEGA Millions March 1st, 2024 Top Prize Annuity Payment in 30 Installations

Yr Gross Payment Fed/State Tax Net Payment
1 $9,135,957 -$3,340,634
-$0
$5,795,323
2 $9,593,028 -$3,509,751
-$0
$6,083,277
3 $10,072,558 -$3,687,177
-$0
$6,385,381
4 $10,576,368 -$3,873,587
-$0
$6,702,781
5 $11,105,065 -$4,069,204
-$0
$7,035,861
6 $11,660,470 -$4,274,704
-$0
$7,385,766
7 $12,243,190 -$4,490,311
-$0
$7,752,879
8 $12,855,653 -$4,716,922
-$0
$8,138,731
9 $13,498,466 -$4,954,763
-$0
$8,543,703
10 $14,173,450 -$5,204,507
-$0
$8,968,943
11 $14,881,819 -$5,466,603
-$0
$9,415,216
12 $15,626,001 -$5,741,951
-$0
$9,884,050
13 $16,407,210 -$6,030,998
-$0
$10,376,212
14 $17,227,874 -$6,334,644
-$0
$10,893,230
15 $18,089,207 -$6,653,337
-$0
$11,435,870
16 $18,993,637 -$6,987,976
-$0
$12,005,661
17 $19,942,985 -$7,339,235
-$0
$12,603,750
18 $20,940,286 -$7,708,236
-$0
$13,232,050
19 $21,987,361 -$8,095,654
-$0
$13,891,707
20 $23,086,638 -$8,502,386
-$0
$14,584,252
21 $24,241,152 -$8,929,557
-$0
$15,311,595
22 $25,453,331 -$9,378,063
-$0
$16,075,268
23 $26,725,603 -$9,848,803
-$0
$16,876,800
24 $28,062,217 -$10,343,351
-$0
$17,718,866
25 $29,464,994 -$10,862,378
-$0
$18,602,616
26 $30,938,790 -$11,407,683
-$0
$19,531,107
27 $32,485,426 -$11,979,938
-$0
$20,505,488
28 $34,109,758 -$12,580,941
-$0
$21,528,817
29 $35,815,428 -$13,212,039
-$0
$22,603,389
30 $37,606,078 -$13,874,579
-$0
$23,731,499