How much do I get?

Reply #4

Lottery_Analyst — Thu, 28 Jul 2005 17:48:10 GMT

Hi CASH,Thanks for the info. I wish Georgia did not deduct a state tax.LA - John

Reply #3

CASH Only — Thu, 28 Jul 2005 16:32:35 GMT

LA:1) TX requires the cash/annuity choice when you PLAY;2) TX has no state income tax.

Reply #2

Lottery_Analyst — Thu, 28 Jul 2005 16:28:26 GMT

ssupauqa,You were actually closer with your estimate. The cash option is normally 55% to 60% of the annuity amount, which in this case would be around $18 Million. ($30 million x60%)Then Federal tax would normally be around 38% of that. ($18 million x62%)So you are looking at roughly $11.16 Million.Not sure if Texas has a city and state tax. If so, you would need to deduct those as well.Also keep in mind that when you win they take taxes out up front but often times not enough, so you would

Reply #1

LANTERN — Thu, 28 Jul 2005 15:56:06 GMT

No, you might get about $20, 000, 000 after they take the tax money away.

How much do I get?

ssupauqa — Thu, 28 Jul 2005 15:35:29 GMT

If I win the Texas Lottery $30 million jackpot on Saturday and have the cast option, how much cash do I get in the bank? I thought it would be something like $11-12 million with the taxes taken out up front. A friend of mine says, it would be more like $22-23 million and I would have to pay taxes on that of $7-8 million. What's the correct scenario?Thanks