Florida(FL) Lotto Prize Analysis for Sat Nov 28, 2020
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 $16,500,000, the winner gets paid in 30 annual installments amounting to $550,000.00 yearly. The federal tax amounts to $137,500.00 yearly. The winner will receive, after paying all the taxes, $412,500.00 yearly.
Florida Lotto Prizes
Florida Lotto’s starting jackpot is set at $1 million and increases every time there is a rollover. With draws happening twice a week, it means that the top prize can quickly increase to much higher amounts, often topping $20 million and sometimes reaching even higher.
The game offers a unique prize structure, in which the final prize amount you receive depends on the random multiplier that is printed your ticket. If you match between three and five numbers, the base prize for that category is multiplied by the value on your ticket.
The table below shows the prizes on offer in Florida Lotto, including the base prize amounts and what you win for each multiplier. Note that there is no 1x multiplier, so the base amounts are used purely to calculate the final value of your prize.
|Numbers Matched||Odds of Winning||Base Prize||2x||3x||4x||5x||10x|
|Match 6||1 in 22,957,480||Jackpot||Jackpot||Jackpot||Jackpot||Jackpot||Jackpot|
|Match 5||1 in 81,409.5||$3,000||$6,000||$9,000||$12,000||$15,000||$30,000|
|Match 4||1 in 1,415.82||$50||$100||$150||$200||$250||$500|
|Match 3||1 in 70.79||$5||$10||$15||$20||$25||$50|
|Match 2||1 in 8.58||Free Ticket||Free Ticket||Free Ticket||Free Ticket||Free Ticket||Free Ticket|
|Odds of winning any Florida Lotto prize are 1 in 7.61.|
The multipliers are not applied to the jackpot or the free ticket prizes. The odds of a particular being randomly selected are as follows:
|Multiplier||Odds of Being Selected|
|10x||1 in 26|
|5x||1 in 8.67|
|4x||1 in 5.2|
|3x||1 in 3.25|
|2x||1 in 2.89|
Double Play Prizes
Spend an extra $1 to add Double Play to your ticket and your numbers will be entered into a second draw, in which you can win up to $250,000. The Double Play jackpot is a set amount and does not roll over if it’s not won. The multipliers apply to the Double Play draw too – see the table below for all the prize amounts on offer.
|Numbers Matched||Base Prize||2x||3x||4x||5x||10x|
|Match 2||Free Ticket||Free Ticket||Free Ticket||Free Ticket||Free Ticket||Free Ticket|
You can also add EZMatch to your ticket for an instant win at the point of purchase. If one of your EZMatch numbers matches one of the numbers you choose for the main Lotto draw, you win the prize listed alongside.
With EZMatch, it’s possible to win up to six times on a single ticket. The table below shows all the EZMatch prizes available and the odds of winning.Latest information on Florida Lotto prizes. See odds of winning, jackpot breakdowns and how many numbers you need to be in with a chance of winning. ]]>