Welcome Guest
Log In | Register )
You last visited December 5, 2016, 3:33 pm
All times shown are
Eastern Time (GMT-5:00)

Texas Two Step

Topic closed. 9 replies. Last post 2 years ago by Piaceri.

Page 1 of 1
51
PrintE-mailLink
Avatar
New Member
Frisco, Texas
United States
Member #158527
August 25, 2014
1 Posts
Offline
Posted: August 25, 2014, 10:27 pm - IP Logged

In Florida they have a game Lucky Millions, If you win you receive 2/3 up front and then you have to pay taxes. In Texas we have a game called Texas Two Step.

Does anyone know if the payout is the same as Florida, ie. 2/3 upfront minus taxes. I always thought you got to keep whatever the posted prize listed on the ticket. I would appreciate an answer because I can't find the payout.

    rcbbuckeye's avatar - Lottery-043.jpg
    Texas
    United States
    Member #55889
    October 23, 2007
    5592 Posts
    Offline
    Posted: August 25, 2014, 11:33 pm - IP Logged

    In Florida they have a game Lucky Millions, If you win you receive 2/3 up front and then you have to pay taxes. In Texas we have a game called Texas Two Step.

    Does anyone know if the payout is the same as Florida, ie. 2/3 upfront minus taxes. I always thought you got to keep whatever the posted prize listed on the ticket. I would appreciate an answer because I can't find the payout.

    The jackpot for tonight's draw is $450,000. If you win they will deduct 25% for federal taxes. You get a check for 75% of $450,000. When you file your income taxes next year, you may (probably) will pay more federal tax depending on your tax bracket, and deductions, etc.

    CAN'T WIN IF YOU'RE NOT IN

    A DOLLAR AND A DREAM (OR $2)

      mikeintexas's avatar - tx avatar-1.gif
      Texas Panhandle
      United States
      Member #136843
      December 20, 2012
      1270 Posts
      Offline
      Posted: August 25, 2014, 11:36 pm - IP Logged

      RCB is right about the taxes/withholding.   From the official site's Texas Two Step page:

      Rolling jackpots start at $200,000 and are paid in one lump-sum payment!

        Piaceri's avatar - sarsony1
        Republic of Texas
        United States
        Member #57557
        January 9, 2008
        1095 Posts
        Offline
        Posted: August 26, 2014, 12:06 am - IP Logged

        2 tickets won that $450k tonight. Both purchased at the same store, picked numbers. 2-5-18-30 and 32.

        face

        singlewinnersinglewinnersinglewinner   

          garyo1954's avatar - garyo
          Dallas, Texas
          United States
          Member #4549
          May 2, 2004
          1684 Posts
          Offline
          Posted: August 26, 2014, 12:33 am - IP Logged

          No matter what state you win in you are going to pay taxes. And both states will withhold a minimum 25% federal taxes. Some states withhold a state tax as well.

          Can't find anything on the Lucky Millions game in Florida. The Florida Lottery website does list a Lucky Money game, similar to the Texas2Step. If you follow the link to how to claim your prize, it reads, under cash option,  Florida offers a one time lump sum payout on the Florida Lottery, Powerball, MegaMillions and Lucky Money games.

          http://flalottery.com/luckyMoney-howToClaim.do

          That page also discusses federal tax withholdings. Nowhere does it mention 2/3 up front then pay taxes.

          I am assuming what you are talking about is the difference between Annuities and Cash Value Option. In MegaMillions with a payout of $15 million, your annuity spread over 30 years would come to $375,000 yearly after taxes.

          If you took the Cash Value Option on that amount it would be 8,900,000 and then you would pay taxes.

          https://www.usamega.com/mega-millions-jackpot.asp

          In Lucky Money where the prize is $500,000 you can choose a 25 year annuity, but WHY? Half mill spread over 25 years is $20,000 a year before taxes.

          The Cash Value Option on $500,000 is $375,000 after 25% federal withholding. 

          The question is, is the CVO lower than the annuity payout on the Lucky Money game in Florida?

          G

          My greatest accomplishment is teaching cats about Vienna Sausage. When I need a friend, all I need do is walk outside, pop open a can, and every little critter in the neighborhood drops by to say "Hi!"


            Singapore
            Member #128354
            May 22, 2012
            26 Posts
            Offline
            Posted: August 26, 2014, 4:17 am - IP Logged

            paying taxes is like being caught in a texas tornado ... 

             

            Hiding Behind Computer

              rcbbuckeye's avatar - Lottery-043.jpg
              Texas
              United States
              Member #55889
              October 23, 2007
              5592 Posts
              Offline
              Posted: August 26, 2014, 8:44 am - IP Logged

              2 tickets won that $450k tonight. Both purchased at the same store, picked numbers. 2-5-18-30 and 32.

              That player bought the same tic twice. Probably so he would get 2/3 of the jackpot instead of half if he had to split it with someone else.

              CAN'T WIN IF YOU'RE NOT IN

              A DOLLAR AND A DREAM (OR $2)

                garyo1954's avatar - garyo
                Dallas, Texas
                United States
                Member #4549
                May 2, 2004
                1684 Posts
                Offline
                Posted: August 26, 2014, 11:15 am - IP Logged

                That player bought the same tic twice. Probably so he would get 2/3 of the jackpot instead of half if he had to split it with someone else.

                Someone was looking over the real winner's shoulder and copied his numbers.

                My greatest accomplishment is teaching cats about Vienna Sausage. When I need a friend, all I need do is walk outside, pop open a can, and every little critter in the neighborhood drops by to say "Hi!"

                  dallascowboyfan's avatar - tiana the-princess-and-the-frog.jpg
                  Oklahoma
                  United States
                  Member #82391
                  November 12, 2009
                  6290 Posts
                  Offline
                  Posted: August 26, 2014, 12:39 pm - IP Logged

                  Congratulation to the winner/s....This is my favorite Texas game last week I won $15 just on the ball. I always multi-draw this game when I ever I go to Texas.

                  I Love Pink & Green 1908

                    Piaceri's avatar - sarsony1
                    Republic of Texas
                    United States
                    Member #57557
                    January 9, 2008
                    1095 Posts
                    Offline
                    Posted: August 27, 2014, 4:40 pm - IP Logged

                    Congratulation to the winner/s....This is my favorite Texas game last week I won $15 just on the ball. I always multi-draw this game when I ever I go to Texas.

                    I think I might try that.

                    face

                    singlewinnersinglewinnersinglewinner