Payment Options
By default all SuperLOTTO Plus jackpots are paid in 26 annual installments. A winner has the opportunity to choose the Cash Value of their jackpot prize within 60 days of the Lottery's payment approval date. The payment option chosen will apply to all claimants in a multiple ownership claim.
Cash Option
If you select the Cash Option, you will receive an amount equal to the net proceeds of the sale of bonds purchased to fund the 26 annual payments for that prize. This will be a single lump sum payment and is estimated at 45% to 55% of the jackpot amount.
Annual payments
If you choose the annual payments option, you'll receive the SuperLotto Plus jackpot in 26 graduated annual payments.
For example, if the announced jackpot is $7 million, and you choose the annual payment option, you would receive $175,000 as the first payment (2.5% of jackpot amount). But, over the course of the next 25 years, these payments would gradually increase each year until the final payment of $357,000 - a 100% increase over the first payment!
|
|
|
| 1 |
2.5 |
$175,000 |
| 2 |
2.7 |
$189,000 |
| 3 |
2.8 |
$196,000 |
| 4 |
2.9 |
$203,000 |
| 5 |
3.0 |
$210,000 |
| 6 |
3.1 |
$217,000 |
| 7 |
3.2 |
$224,000 |
| 8 |
3.3 |
$231,000 |
| 9 |
3.4 |
$238,000 |
| 10 |
3.5 |
$245,000 |
| 11 |
3.6 |
$252,000 |
| 12 |
3.7 |
$259,000 |
| 13 |
3.8 |
$266,000 |
| 14 |
3.9 |
$273,000 |
| 15 |
4.0 |
$280,000 |
| 16 |
4.1 |
$287,000 |
| 17 |
4.2 |
$294,000 |
| 18 |
4.3 |
$301,000 |
| 19 |
4.4 |
$308,000 |
| 20 |
4.5 |
$315,000 |
| 21 |
4.6 |
$322,000 |
| 22 |
4.7 |
$329,000 |
| 23 |
4.8 |
$336,000 |
| 24 |
4.9 |
$343,000 |
| 25 |
5.0 |
$350,000 |
| 26 |
5.1 |
$357,000 |
| Total |
100.0% |
$7,000,000 |
Taxes.
There is no state tax on Lottery winnings. If you choose "Cash Value," federal tax will be withheld from your winnings at the rate of 25% for US citizens and 30% for all others. If you choose the "Annual Payment" option you will be responsible for paying federal tax on an annual basis and the rate will vary year to year.