Florida Lotto Jackpot Analysis
Below is an analysis of the current Florida Lotto jackpot, showing both the advertised Annuity and Lump Sum amounts and their ultimate worth after taking into account federal and state tax. You can also view the Florida Lotto annuity payout table further down, which details the amount a single winner of the jackpot would receive each year from their lucky win should they choose the annuity option.
Current Jackpot Analysis
We've detected you're in Ohio so we've automatically applied the applicable state tax in the table below. If desired, you can change this value using the drop-down box.
| Jackpot Type | Annuity | Cash Lump Sum |
|---|---|---|
| Initial Advertised Value | $26,000,000.00 | $10,400,000.00 |
| Federal Tax: | -$6,240,000.00 | -$2,496,000.00 |
| State Tax: | -$1,040,000.00 | -$416,000.00 |
| Final Total* | $18,720,000.00 | $7,488,000.00 |
* Please Note: In addition to federal and state tax, some cities and counties may also levy an additional local income tax, which will be applied on top of all other tax. Check with your local authority to see if this applies to you.
Florida Lotto Annuity Calculation Table
Jackpot winners who opt for the annuity payout will receive their winnings over a period of 30 years, with payouts increasing by 5% year-on-year. The table below shows a breakdown of the gross annuity value and the applicable federal and state tax for each year. To receive the cash option, you must come forward within 60 days of the draw date. If you miss this deadline, you will be given the annuity.
| Year | Gross Annuity Value | Federal Tax (24%) | State Tax (4%) | Net Total |
|---|---|---|---|---|
| 1 | $391,337.31 | -$93,920.95 | -$15,653.49 | $281,762.86 |
| 2 | $410,904.18 | -$98,617.00 | -$16,436.17 | $295,851.01 |
| 3 | $431,449.39 | -$103,547.85 | -$17,257.98 | $310,643.56 |
| 4 | $453,021.86 | -$108,725.25 | -$18,120.87 | $326,175.74 |
| 5 | $475,672.95 | -$114,161.51 | -$19,026.92 | $342,484.52 |
| 6 | $499,456.60 | -$119,869.58 | -$19,978.26 | $359,608.75 |
| 7 | $524,429.43 | -$125,863.06 | -$20,977.18 | $377,589.19 |
| 8 | $550,650.90 | -$132,156.22 | -$22,026.04 | $396,468.65 |
| 9 | $578,183.44 | -$138,764.03 | -$23,127.34 | $416,292.08 |
| 10 | $607,092.61 | -$145,702.23 | -$24,283.70 | $437,106.68 |
| 11 | $637,447.24 | -$152,987.34 | -$25,497.89 | $458,962.02 |
| 12 | $669,319.61 | -$160,636.71 | -$26,772.78 | $481,910.12 |
| 13 | $702,785.59 | -$168,668.54 | -$28,111.42 | $506,005.62 |
| 14 | $737,924.87 | -$177,101.97 | -$29,516.99 | $531,305.90 |
| 15 | $774,821.11 | -$185,957.07 | -$30,992.84 | $557,871.20 |
| 16 | $813,562.17 | -$195,254.92 | -$32,542.49 | $585,764.76 |
| 17 | $854,240.27 | -$205,017.67 | -$34,169.61 | $615,053.00 |
| 18 | $896,952.29 | -$215,268.55 | -$35,878.09 | $645,805.65 |
| 19 | $941,799.90 | -$226,031.98 | -$37,672.00 | $678,095.93 |
| 20 | $988,889.90 | -$237,333.58 | -$39,555.60 | $712,000.73 |
| 21 | $1,038,334.39 | -$249,200.25 | -$41,533.38 | $747,600.76 |
| 22 | $1,090,251.11 | -$261,660.27 | -$43,610.04 | $784,980.80 |
| 23 | $1,144,763.67 | -$274,743.28 | -$45,790.55 | $824,229.84 |
| 24 | $1,202,001.85 | -$288,480.44 | -$48,080.07 | $865,441.33 |
| 25 | $1,262,101.94 | -$302,904.47 | -$50,484.08 | $908,713.40 |
| 26 | $1,325,207.04 | -$318,049.69 | -$53,008.28 | $954,149.07 |
| 27 | $1,391,467.39 | -$333,952.17 | -$55,658.70 | $1,001,856.52 |
| 28 | $1,461,040.76 | -$350,649.78 | -$58,441.63 | $1,051,949.35 |
| 29 | $1,534,092.80 | -$368,182.27 | -$61,363.71 | $1,104,546.82 |
| 30 | $1,610,797.44 | -$386,591.39 | -$64,431.90 | $1,159,774.16 |
| TOTALS | $26,000,000.00 | -$6,240,000.00 | -$1,040,000.00 | $18,720,000.00 |