Texas(TX) MEGA Millions Prize Analysis for Tue Oct 03, 2023

Texas(TX) MEGA Millions Prize Analysis for Tue Oct 03, 2023
Updated: Saturday, September 30th, 2023 12:24 AM

The estimated jackpot for MEGA Millions on Tue Oct 03, 2023 is $300 million. The cash option is $137 million. The MEGA Millions prize analysis tells you how much you would get 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.

  • For the Cash Option in the amount of $137 million, the federal tax that must be withheld is $34,250,000.00. There is no state tax on lottery prizes. After federal taxes are paid, the winner gets a net lump-sum payment of $102,750,000.00.
  • For the $300 million annuity, the winner gets paid in 30 equal annual installments amounting to $10,000,000.00 yearly. The federal tax amounts to $2,500,000.00 yearly. There is no state tax deduction. The winner will receive, after paying federal taxes, $7,500,000.00 yearly.
For detailed information on MEGA Millions Lottery Winning Taxes and Prizes Analysis, see the data listed below.
Texas(TX) MEGA Millions Prize Analysis for Tue Oct 03, 2023
Tue Oct 03, 2023  Jackpot: $300 Million  Cash: $137 Million

Cash Option - $137 Million
Gross Cash Payment25% Federal Withholding0% State WithholdingLump-Sum Net Payment

Annuity - $300 Million in 30 Annual Payments
Gross Annual Payment25% Federal
Annual Withholding
0% State
Annual Withholding
Net Annual Payment
Total Gross Payment25% Federal
Total Withholding
0% State
Total Withholding
Total Net Payment

Past Prize Analysis for MEGA-Millions

More Prize Analysis for Texas(TX) MEGA Millions

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Texas(TX) MEGA Millions Latest Drawing Results
Next Draw: Tue Oct 3, 2023
Change: +$33,000,000

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