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Florida(FL) Lotto Prize Analysis for Wed Oct 23, 2024
Updated: Saturday, October 19th, 2024 11:53 PM The estimated jackpot for Florida(FL) Lotto on Wed Oct 23, 2024 is $17 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 $17,000,000, the winner gets paid in 30 annual installments amounting to $566,666.67 yearly. The federal tax amounts to $141,666.67 yearly. The winner will receive, after paying all the taxes, $425,000.00 yearly.
Find below chart for jackpot analysis details of Florida(FL) Lotto.
Florida(FL) Lotto Prize Analysis for Wed Oct 23, 2024 |
Wed Oct 23, 2024
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Jackpot: $17 Million
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Cash: $8,500,000
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Cash Option - $8,500,000 |
Gross Cash Payment | 25% Federal Withholding | No State Tax Withholding | Lump-Sum Net Payment | $8,500,000.00 | -$2,125,000.00 | -$0.00 | $6,375,000.00 |
Annuity - $17 Million in 30 Annual Payments |
Annual Gross Payment |
25% Federal Withholding |
No State Tax Withholding |
Annual Net Payment |
$566,666.67 | -$141,666.67 | -$0.00 | $425,000.00 | Total Gross Payment | 25% Federal Total Withholding | No State Tax Withholding | Total Net Payment | $17,000,000.00 | -$4,250,000.00 | -$0.00 | $12,750,000.00 |
Past Prize Analysis for Lotto- Lotto Jackpot Analysis for Wednesday, October 30th
- Lotto Jackpot Analysis for Saturday, October 26th
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- Lotto Jackpot Analysis for Saturday, October 19th
- Lotto Jackpot Analysis for Wednesday, October 16th
- Lotto Jackpot Analysis for Saturday, October 12th
- Lotto Jackpot Analysis for Wednesday, October 9th
- Lotto Jackpot Analysis for Saturday, October 5th
- Lotto Jackpot Analysis for Wednesday, October 2nd
- Lotto Jackpot Analysis for Saturday, September 28th
More Prize Analysis for Florida(FL) Lotto
Florida Lotto |
SUN MON TUE WED THU FRI SAT |
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Next Draw: Wed Oct 30, 2024 $19,000,000 Change: +$1,000,000
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FLLOTT.COM is not associated with the official Florida State Lottery. The information contained in this website is provided for informational purposes only. Every effort has been made to ensure that the winning numbers and other information posted on this website are accurate. No valid claim may be based on the winning numbers or other information contained on this website. FLLOTT.COM makes no warranties, guarantees or representations, of any kind, express or implied, as to the content, accuracy, completeness, reliability or timeliness of the information contained in this website or in the sites of any links provided herein. The information should always be verified by contacting the Official Lottery before it is used in any way. In the event of a discrepancy between the numbers posted on this website and the official winning numbers, the official winning numbers shall control.
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