Texas MEGA Millions Jackpot Analysis |
The estimated jackpot for the upcoming draw on May 7th, 2024 is estimated to be $306 Million. Should you choose to take the cash option, you would receive approximately $140.1 Million. It's important to note that this amount represents about 45% 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!.
| Draw Date | Jackpot | Cash Option |
|---|---|---|
| May 7th, 2024 | $306 Million | $140.1 Million |
| Category | Amount |
|---|---|
| Cash Gross Payment | $140.1 Million |
| Federal Tax(24%) | $33,624,000 |
| Additional Federal Tax | $18,173,330 |
| State Tax(0%) | $0 |
| Net Lumpsum Payment | $88,302,670 |
| Yr | Gross Payment | Fed/State Tax | Net Payment |
|---|---|---|---|
| 1 | $4,605,606 | -$1,664,405 -$0 |
$2,941,201 |
| 2 | $4,836,024 | -$1,749,659 -$0 |
$3,086,365 |
| 3 | $5,077,764 | -$1,839,103 -$0 |
$3,238,661 |
| 4 | $5,331,744 | -$1,933,076 -$0 |
$3,398,668 |
| 5 | $5,598,270 | -$2,031,690 -$0 |
$3,566,580 |
| 6 | $5,878,260 | -$2,135,287 -$0 |
$3,742,973 |
| 7 | $6,172,020 | -$2,243,978 -$0 |
$3,928,042 |
| 8 | $6,480,774 | -$2,358,217 -$0 |
$4,122,557 |
| 9 | $6,804,828 | -$2,478,117 -$0 |
$4,326,711 |
| 10 | $7,145,100 | -$2,604,017 -$0 |
$4,541,083 |
| 11 | $7,502,202 | -$2,736,145 -$0 |
$4,766,057 |
| 12 | $7,877,358 | -$2,874,953 -$0 |
$5,002,405 |
| 13 | $8,271,180 | -$3,020,667 -$0 |
$5,250,513 |
| 14 | $8,684,892 | -$3,173,740 -$0 |
$5,511,152 |
| 15 | $9,119,106 | -$3,334,400 -$0 |
$5,784,706 |
| 16 | $9,575,046 | -$3,503,097 -$0 |
$6,071,949 |
| 17 | $10,053,630 | -$3,680,173 -$0 |
$6,373,457 |
| 18 | $10,556,388 | -$3,866,194 -$0 |
$6,690,194 |
| 19 | $11,084,238 | -$4,061,498 -$0 |
$7,022,740 |
| 20 | $11,638,404 | -$4,266,540 -$0 |
$7,371,864 |
| 21 | $12,220,416 | -$4,481,884 -$0 |
$7,738,532 |
| 22 | $12,831,498 | -$4,707,985 -$0 |
$8,123,513 |
| 23 | $13,472,874 | -$4,945,294 -$0 |
$8,527,580 |
| 24 | $14,146,686 | -$5,194,604 -$0 |
$8,952,082 |
| 25 | $14,853,852 | -$5,456,256 -$0 |
$9,397,596 |
| 26 | $15,596,820 | -$5,731,154 -$0 |
$9,865,666 |
| 27 | $16,376,508 | -$6,019,638 -$0 |
$10,356,870 |
| 28 | $17,195,364 | -$6,322,615 -$0 |
$10,872,749 |
| 29 | $18,055,224 | -$6,640,763 -$0 |
$11,414,461 |
| 30 | $18,957,924 | -$6,974,762 -$0 |
$11,983,162 |