Florida(FL) Lotto Prize Analysis for Wed Aug 02, 2023

Updated: Sunday, July 30th, 2023 12:18 AM

The estimated jackpot for Florida(FL) Lotto on Wed Aug 02, 2023 is $10.5 million. It was a 1,000,000 increase from previous jackpot. The Florida(FL) Lotto prize analysis tells you how much you would get paid after tax withholdings.

As legally required by the state of Florida, 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 Florida state and local personal income taxes. For more information on taxes for lottery winnings in the state of Florida, click here.

Choose Payment Option: The jackpot winner of Florida(FL) Lotto has 60 days to decide to take a one time lump sum cash payment or 26 graduated annual installments after the claim approval.
Cash Option: Florida(FL) Lotto cash option is a single lump-sum payment in the amount required on the prize determination day to purchase securities to fund the Jackpot prize paid over 30 years. Our Florida(FL) Lotto jackpot analysis is going to use 50% of the jackpot amount as an example to calculate the tax liability and the amount of cash a single winner would win after tax deducted. See below table for detailed information of jackpot analysis for Florida(FL) Lotto cash option. Please note that the actual cash value of Lotto jackpot varies and will be announced by Official Florida Lottery.
Annuity: If the winner chooses annuity in the amount of $10,500,000, the winner gets paid in 30 annual installments amounting to $350,000.00 yearly. The federal tax amounts to $87,500.00 yearly. The winner will receive, after paying all the taxes, $262,500.00 yearly.

Find below chart for jackpot analysis details of Florida(FL) Lotto.

Florida(FL) Lotto Prize Analysis for Wed Aug 02, 2023
Wed Aug 02, 2023	Jackpot: $10.5 Million	Cash: $5,250,000

Cash Option - $5,250,000
Gross Cash Payment	25% Federal Withholding	No State Tax Withholding	Lump-Sum Net Payment
$5,250,000.00	-$1,312,500.00	-$0.00	$3,937,500.00

Annuity - $10.5 Million in 30 Annual Payments
Annual Gross Payment	25% Federal Withholding	No State Tax Withholding	Annual Net Payment
$350,000.00	-$87,500.00	-$0.00	$262,500.00
Total Gross Payment	25% Federal Total Withholding	No State Tax Withholding	Total Net Payment
$10,500,000.00	-$2,625,000.00	-$0.00	$7,875,000.00

Past Prize Analysis for Lotto

More Prize Analysis for Florida(FL) Lotto

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Florida(FL) Lotto Latest Drawing Results

Next Draw: Wed Nov 27, 2024
$27,250,000
Change: +$1,250,000