Texas Lottery

Texas Powerball Jackpot Analysis March 13th, 2024

Texas Powerball Jackpot Analysis

The estimated jackpot for the draw on March 13th, 2024 was $559 Million. Should you choose to take the cash option, you would receive approximately $273.3 Million. It's important to note that this amount represents about 48% 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 March 13th, 2024 Jackpot/Cash Option for March 13th, 2024

Draw Date Jackpot Cash Option
March 13th, 2024$559 Million$273.3 Million

Texas Powerball March 13th, 2024 Lumpsum/Cash Option Taxes and Payment

Category Amount
Cash Gross Payment$273.3 Million
Federal Tax(24%)$65,592,000
Additional Federal Tax$35,489,330
State Tax(0%)$0
Net Lumpsum Payment$172,218,670

Texas Powerball March 13th, 2024 Top Prize Annuity Payment in 30 Installations

Yr Gross Payment Fed/State Tax Net Payment
1 $8,413,509 -$3,073,329
-$0
$5,340,180
2 $8,834,436 -$3,229,072
-$0
$5,605,364
3 $9,276,046 -$3,392,467
-$0
$5,883,579
4 $9,740,016 -$3,564,136
-$0
$6,175,880
5 $10,226,905 -$3,744,285
-$0
$6,482,620
6 $10,738,390 -$3,933,535
-$0
$6,804,855
7 $11,275,030 -$4,132,091
-$0
$7,142,939
8 $11,839,061 -$4,340,783
-$0
$7,498,278
9 $12,431,042 -$4,559,816
-$0
$7,871,226
10 $13,052,650 -$4,789,811
-$0
$8,262,839
11 $13,705,003 -$5,031,181
-$0
$8,673,822
12 $14,390,337 -$5,284,755
-$0
$9,105,582
13 $15,109,770 -$5,550,945
-$0
$9,558,825
14 $15,865,538 -$5,830,579
-$0
$10,034,959
15 $16,658,759 -$6,124,071
-$0
$10,534,688
16 $17,491,669 -$6,432,248
-$0
$11,059,421
17 $18,365,945 -$6,755,730
-$0
$11,610,215
18 $19,284,382 -$7,095,552
-$0
$12,188,830
19 $20,248,657 -$7,452,333
-$0
$12,796,324
20 $21,261,006 -$7,826,903
-$0
$13,434,103
21 $22,324,224 -$8,220,293
-$0
$14,103,931
22 $23,440,547 -$8,633,333
-$0
$14,807,214
23 $24,612,211 -$9,066,848
-$0
$15,545,363
24 $25,843,129 -$9,522,288
-$0
$16,320,841
25 $27,134,978 -$10,000,272
-$0
$17,134,706
26 $28,492,230 -$10,502,455
-$0
$17,989,775
27 $29,916,562 -$11,029,458
-$0
$18,887,104
28 $31,412,446 -$11,582,935
-$0
$19,829,511
29 $32,983,236 -$12,164,128
-$0
$20,819,108
30 $34,632,286 -$12,774,276
-$0
$21,858,010