Texas Lottery

Texas Powerball Jackpot Analysis January 10th, 2009

Texas Powerball Jackpot Analysis

The estimated jackpot for the draw on January 10th, 2009 was $120 Million. Should you choose to take the cash option, you would receive approximately $75.6 Million. It's important to note that this amount represents about 63% 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 Powerball January 10th, 2009 Jackpot/Cash Option for January 10th, 2009

Draw Date Jackpot Cash Option
January 10th, 2009$120 Million$75.6 Million

Texas Powerball January 10th, 2009 Lumpsum/Cash Option Taxes and Payment

Category Amount
Cash Gross Payment$75.6 Million
Federal Tax(24%)$18,144,000
Additional Federal Tax$9,788,330
State Tax(0%)$0
Net Lumpsum Payment$47,667,670

Texas Powerball January 10th, 2009 Top Prize Annuity Payment in 30 Installations

Yr Gross Payment Fed/State Tax Net Payment
1 $1,806,120 -$628,595
-$0
$1,177,525
2 $1,896,480 -$662,028
-$0
$1,234,452
3 $1,991,280 -$697,104
-$0
$1,294,176
4 $2,090,880 -$733,956
-$0
$1,356,924
5 $2,195,400 -$772,628
-$0
$1,422,772
6 $2,305,200 -$813,254
-$0
$1,491,946
7 $2,420,400 -$855,878
-$0
$1,564,522
8 $2,541,480 -$900,678
-$0
$1,640,802
9 $2,668,560 -$947,698
-$0
$1,720,862
10 $2,802,000 -$997,070
-$0
$1,804,930
11 $2,942,040 -$1,048,885
-$0
$1,893,155
12 $3,089,160 -$1,103,320
-$0
$1,985,840
13 $3,243,600 -$1,160,462
-$0
$2,083,138
14 $3,405,840 -$1,220,491
-$0
$2,185,349
15 $3,576,120 -$1,283,495
-$0
$2,292,625
16 $3,754,920 -$1,349,651
-$0
$2,405,269
17 $3,942,600 -$1,419,092
-$0
$2,523,508
18 $4,139,760 -$1,492,042
-$0
$2,647,718
19 $4,346,760 -$1,568,632
-$0
$2,778,128
20 $4,564,080 -$1,649,040
-$0
$2,915,040
21 $4,792,320 -$1,733,489
-$0
$3,058,831
22 $5,031,960 -$1,822,156
-$0
$3,209,804
23 $5,283,480 -$1,915,218
-$0
$3,368,262
24 $5,547,720 -$2,012,987
-$0
$3,534,733
25 $5,825,040 -$2,115,595
-$0
$3,709,445
26 $6,116,400 -$2,223,398
-$0
$3,893,002
27 $6,422,160 -$2,336,530
-$0
$4,085,630
28 $6,743,280 -$2,455,344
-$0
$4,287,936
29 $7,080,480 -$2,580,108
-$0
$4,500,372
30 $7,434,480 -$2,711,088
-$0
$4,723,392