Texas Lottery

Texas Powerball Jackpot Analysis

Texas Powerball Jackpot Analysis

The estimated jackpot for the upcoming draw on May 18th, 2024 is estimated to be $77 Million. Should you choose to take the cash option, you would receive approximately $36 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 Powerball May 18th, 2024 Jackpot/Cash Option for May 18th, 2024

Draw Date Jackpot Cash Option
May 18th, 2024$77 Million$36 Million

Texas Powerball May 18th, 2024 Lumpsum/Cash Option Taxes and Payment

Category Amount
Cash Gross Payment$36 Million
Federal Tax(24%)$8,640,000
Additional Federal Tax$4,640,330
State Tax(0%)$0
Net Lumpsum Payment$22,719,670

Texas Powerball May 18th, 2024 Top Prize Annuity Payment in 30 Installations

Yr Gross Payment Fed/State Tax Net Payment
1 $1,158,927 -$389,133
-$0
$769,794
2 $1,216,908 -$410,586
-$0
$806,322
3 $1,277,738 -$433,093
-$0
$844,645
4 $1,341,648 -$456,740
-$0
$884,908
5 $1,408,715 -$481,555
-$0
$927,160
6 $1,479,170 -$507,623
-$0
$971,547
7 $1,553,090 -$534,974
-$0
$1,018,116
8 $1,630,783 -$563,720
-$0
$1,067,063
9 $1,712,326 -$593,891
-$0
$1,118,435
10 $1,797,950 -$625,572
-$0
$1,172,378
11 $1,887,809 -$658,820
-$0
$1,228,989
12 $1,982,211 -$693,748
-$0
$1,288,463
13 $2,081,310 -$730,415
-$0
$1,350,895
14 $2,185,414 -$768,934
-$0
$1,416,480
15 $2,294,677 -$809,361
-$0
$1,485,316
16 $2,409,407 -$851,811
-$0
$1,557,596
17 $2,529,835 -$896,369
-$0
$1,633,466
18 $2,656,346 -$943,178
-$0
$1,713,168
19 $2,789,171 -$992,324
-$0
$1,796,847
20 $2,928,618 -$1,043,919
-$0
$1,884,699
21 $3,075,072 -$1,098,107
-$0
$1,976,965
22 $3,228,841 -$1,155,002
-$0
$2,073,839
23 $3,390,233 -$1,214,717
-$0
$2,175,516
24 $3,559,787 -$1,277,452
-$0
$2,282,335
25 $3,737,734 -$1,343,292
-$0
$2,394,442
26 $3,924,690 -$1,412,466
-$0
$2,512,224
27 $4,120,886 -$1,485,058
-$0
$2,635,828
28 $4,326,938 -$1,561,297
-$0
$2,765,641
29 $4,543,308 -$1,641,354
-$0
$2,901,954
30 $4,770,458 -$1,725,400
-$0
$3,045,058