Florida(FL) Lotto Prize Analysis for Wed Jul 30, 2014

Florida(FL) Lotto Prize Analysis for Wed Jul 30, 2014
Updated: Sunday, July 27th, 2014 10:40 AM

The estimated jackpot for Florida(FL) Lotto on Wed Jul 30, 2014 is $10 million. It was a $1.00 Million 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 $10,000,000, the winner gets paid in 30 annual installments amounting to $333,333.33 yearly. The federal tax amounts to $83,333.33 yearly. The winner will receive, after paying all the taxes, $250,000.00 yearly.

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

Florida(FL) Lotto Prize Analysis for Wed Jul 30, 2014
Wed Jul 30, 2014  Jackpot: $10 Million  Cash: $5,000,000

Cash Option - $5,000,000
Gross Cash Payment25% Federal WithholdingNo State Tax WithholdingLump-Sum Net Payment
$5,000,000.00-$1,250,000.00-$0.00$3,750,000.00

Annuity - $10 Million in 30 Annual Payments
Annual Gross Payment 25% Federal Withholding No State Tax Withholding Annual Net Payment
$333,333.33-$83,333.33-$0.00$250,000.00
Total Gross Payment25% Federal
Total Withholding
No State Tax WithholdingTotal Net Payment
$10,000,000.00-$2,500,000.00-$0.00$7,500,000.00


Past Prize Analysis for Lotto

More Prize Analysis for Florida(FL) Lotto

 Florida Lotto SUN MON TUE WED THU FRI SAT
01
04
06
09
33
51
Sat Jul 26, 2014 Last 10 | Calendar | Search
Intelli-Combos | Power Picks | Frequency Chart | Overdue Chart
Win Checker | Lotto Wheels | Prize Analysis
News & Payout | Skip and Hit Analysis
Florida(FL) Lotto Latest Drawing Results
Next Draw: Wed Jul 30, 2014
$10.00 Million 
Change: +$1.00 Million








 
Home |  About Us |  Privacy Policy |  Site Map |  Terms of Use |  Contact Us
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.