![]() The Powerball or Mega Millions jackpot prize may be paid in the annuity payment format or the single payment cash option. The Federal Form 5754 allows the Lottery to send a separate W-2G tax form to each individual winner noting the amount won and withheld on their behalf. The person receiving the check for the group also provides picture identification and is responsible for distributing the winnings to the group members.įor a prize paid in a single payment, the check recipient may choose to complete a Federal Form 5754 that ensures the tax obligation of the prize is distributed among the group members according to the gross prize amount of each person’s share. Each member of the group provides a completed IRS Form W-9 for tax reporting purposes at the time of the claim. The prize check is issued to either one person or legal entity (partnership, trust, etc.). ![]() a larger amount, paid over many years.The prize on a winning lottery ticket may be split among a group of ticket owners however only one prize check is issued. So the trade-off is a smaller amount of money, paid immediately. However, most winners opt for the Cash Value Option, a reduced amount in the form of a lump sum cash payment that is paid all at once. That's one payment in the first year, followed by a payment every year for the next 29 years. The advertised jackpot value is actually the amount you get if you win and choose the 30 Annual Payments option. On the playslip, you'll notice you need to check a box relating to jackpot prize payment options. You will need the ticket to claim your prize if you win!Īfter each draw, make sure to check the Lotto Texas Winning Numbers page to see if you've won!ĭid you win? Congratulations! Make sure you know the correct way to claim your prize so you don't miss out on your winnings. You must be at least 18 years old to play Texas Lottery games. Ticket sales close during Draw Break, from 10:02 - 10:15 PM CT Monday, Wednesday and Saturday. Playing is simple - just mark six numbers from 1-54 on your playslip (or check the Quick Pick/QP box to have your numbers automatically selected randomly).Ĭhoose whether to include Extra! and Multi-Draw (to play up to 10 consecutive games with your selected numbers).Ĭheck the jackpot prize payment options box for either 30 Annual Payments or the Cash Value Option (see below for what this means). You can buy Lotto Texas tickets from any authorized retailer in the state. Overall odds of winning any Lotto Texas prize are 1 in 7.9 with Extra! Here's a breakdown of how your prizes could grow: Lotto Texas Extra odds Numbers Matched Extra! gives you the potential to win up to $10,000 more! You'll also win a prize if you match just two of the six numbers drawn. Overall odds of winning any Lotto Texas prize are 1 in 71 with a basic ticketįor just $1 more, you get the chance to increase the value of any non-jackpot prize you win with the Extra! feature. Here's a breakdown of the numbers needed to win a specific prize plus your odds of winning: Lotto Texas prizes and odds Numbers Matched If they match all six main numbers drawn, they win the jackpot! Players pay $1 per line and pick six numbers from 1 to 54. ![]() Ticket sales close at 10:02 PM and reopen three minutes after the draw. Lotto Texas has drawings every Monday, Wednesday and Saturday at 10:12 PM CT.
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