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California(CA) Super Lotto Prize Analysis for Sat Aug 24, 2024
Updated: Wednesday, August 21st, 2024 11:59 PM The estimated jackpot for California(CA) Super Lotto on Sat Aug 24, 2024 is $16 million. It was a 1,000,000 increase from previous jackpot. The California(CA) Super Lotto prize analysis tells you how much you would get paid after tax withholdings. As legally required by the state of California, 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 California state and local personal income taxes. For more information on taxes for lottery winnings in the state of California, click here.
- Choose Payment Option: The jackpot winner of California(CA) Super 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: California(CA) Super Lotto cash option is a single lump-sum payment of 45% ~ 55% of the announced jackpot amount. Our California(CA) Super Lotto jackpot analysis is going to use 52% 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 California(CA) Super Lotto cash option. Please note that the actual cash value of Super Lotto jackpot varies and will be announced by Official California Lottery.
- Annuity: If the winner chooses annuity, the first payment will be 2.5% of the announced jackpot, which is $400,000. Over the course of 25 year, the payment will increase gradually every year with the last payment of 5.1% of the announced jackpot in the amount of $816,000. See below table for detailed informatoin of annuity payment plan, tax liabilities and net payment.
| California(CA) Super Lotto Prize Analysis for Sat Aug 24, 2024 |
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Sat Aug 24, 2024
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Jackpot: $16 Million
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Cash: $8,320,000
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| Cash Option - $8,320,000 |
| Gross Cash Payment | 25% Federal Withholding | 0% State Withholding | Lump-Sum Net Payment | | $8,320,000.00 | -$2,080,000.00 | -$0.00 | $6,240,000.00 |
| Annuity - $16 Million in 26 Annual Payments |
| Yr |
Annual Gross Payment |
25% Federal Withholding |
0%
State Withholding |
Annual Net Payment |
| 1 | $400,000.00 | -$100,000.00 | -$0.00 | $300,000.00 | | 2 | $416,640.00 | -$104,160.00 | -$0.00 | $312,480.00 | | 3 | $433,280.00 | -$108,320.00 | -$0.00 | $324,960.00 | | 4 | $449,920.00 | -$112,480.00 | -$0.00 | $337,440.00 | | 5 | $466,560.00 | -$116,640.00 | -$0.00 | $349,920.00 | | 6 | $483,200.00 | -$120,800.00 | -$0.00 | $362,400.00 | | 7 | $499,840.00 | -$124,960.00 | -$0.00 | $374,880.00 | | 8 | $516,480.00 | -$129,120.00 | -$0.00 | $387,360.00 | | 9 | $533,120.00 | -$133,280.00 | -$0.00 | $399,840.00 | | 10 | $549,760.00 | -$137,440.00 | -$0.00 | $412,320.00 | | 11 | $566,400.00 | -$141,600.00 | -$0.00 | $424,800.00 | | 12 | $583,040.00 | -$145,760.00 | -$0.00 | $437,280.00 | | 13 | $599,680.00 | -$149,920.00 | -$0.00 | $449,760.00 | | 14 | $616,320.00 | -$154,080.00 | -$0.00 | $462,240.00 | | 15 | $632,960.00 | -$158,240.00 | -$0.00 | $474,720.00 | | 16 | $649,600.00 | -$162,400.00 | -$0.00 | $487,200.00 | | 17 | $666,240.00 | -$166,560.00 | -$0.00 | $499,680.00 | | 18 | $682,880.00 | -$170,720.00 | -$0.00 | $512,160.00 | | 19 | $699,520.00 | -$174,880.00 | -$0.00 | $524,640.00 | | 20 | $716,160.00 | -$179,040.00 | -$0.00 | $537,120.00 | | 21 | $732,800.00 | -$183,200.00 | -$0.00 | $549,600.00 | | 22 | $749,440.00 | -$187,360.00 | -$0.00 | $562,080.00 | | 23 | $766,080.00 | -$191,520.00 | -$0.00 | $574,560.00 | | 24 | $782,720.00 | -$195,680.00 | -$0.00 | $587,040.00 | | 25 | $799,360.00 | -$199,840.00 | -$0.00 | $599,520.00 | | 26 | $816,000.00 | -$204,000.00 | -$0.00 | $612,000.00 |
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More Prize Analysis for California(CA) Super Lotto
| California Super Lotto |
SUN MON TUE WED THU FRI SAT |
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Next Draw: Sat Nov 23, 2024
$42,000,000
Change: +$1,000,000 |
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