Texas(TX) Lotto Prize Analysis for Mon Oct 02, 2023

Texas(TX) Lotto Prize Analysis for Mon Oct 02, 2023
Updated: Sunday, October 1st, 2023 12:15 AM

The estimated jackpot for Texas(TX) Lotto on Mon Oct 02, 2023 is $8.25 million. It was a 250,000 increase from previous jackpot. The Texas(TX) Lotto prize analysis tells you how much you would get paid after tax withholdings.

As legally required by the state of Texas, taxes are withheld on lottery winnings of $600.00 or more. For prizes over $5,000.00, US citizens and resident aliens with a social security number are subject to a 25% deduction to their prizes, which represents federal taxes. Luckily, lottery prizes are exempt from Texas state and local personal income taxes. For more information on taxes for lottery winnings in the state of Texas, click here.

  • Choose Payment Option: The Texas Lotto players have to choose either "Cash Value Option" or 25 annual payments while purchasing the Lotto Texas ticket. If no payment options selected, the purchase will be rejected.
  • For the Cash Option in the amount of $4,510,000, the federal tax that must be withheld is $1,127,500. There is no state tax for lottery prizes in the state of Texas. After all the taxes are paid, the winner gets a net lump-sum payment of $3,382,500.
  • Annuity: If the winner chooses annuity in the amount of $8,250,000, the winner gets paid in 25 annual installments amounting to $330,000.00 yearly. The federal tax amounts to $82,500.00 yearly. The winner will receive, after paying all the taxes, $247,500.00 yearly.

Find below chart for jackpot analysis details of Texas(TX) Lotto.

Texas(TX) Lotto Prize Analysis for Mon Oct 02, 2023
Mon Oct 02, 2023  Jackpot: $8.25 Million  Cash: $4,510,000

Cash Option - $4,510,000
Gross Cash Payment25% Federal WithholdingNo State Tax WithholdingLump-Sum Net Payment

Annuity - $8.25 Million in 25 Annual Payments
Annual Gross Payment 25% Federal Withholding No State Tax Withholding Annual Net Payment
Total Gross Payment25% Federal
Total Withholding
No State Tax WithholdingTotal Net Payment

Past Prize Analysis for Lotto

More Prize Analysis for Texas(TX) Lotto

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Next Draw: Mon Oct 2, 2023
Change: +$250,000

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