Lotto Sales: Lot-O-Questions - KLTV.com - Tyler, Longview, Jacksonville |ETX News

6/16/04-Tyler

Lotto Sales: Lot-O-Questions

It's the biggest Texas Lotto Jackpot the state's history. An estimated 120-million dollars is up for grabs tonight. Folks from all around were lined up today hoping to get their hands on the winning ticket.

Store clerks say they have been selling one lotto ticket after another today. They've seen people from all our surrounding counties- and even some from Louisiana. That's not very surprising considering the monstrous amount of money up for grabs. But what is surprising, are how many questions people have about the game they've been playing for years and putting million dollar dreams into.

"How much tax would be taken out and how long would it take for the money to come in," asked one lotto ticket buyer.

"We were talking about that and my wife said 50%, but I would think more around 30 or 35%."

The answer? Uncle Sam takes 25% of winnings from the lottery for U-S citizens and 30 % for non-U-S Citizens or resident aliens.

Another question: How much I would get on a cash option. The answer: If you take the cash value option you get your money in a lump sum, but you'll lose approximately half of the total prize money.

Another frequently asked question is how long is a winning ticket valid? Answer: 180 days after the purchase. Also, what happens if a winner dies while still receiving payments? The payments will continue being made to his or her estate.

But as always, the answer that would be most helpful for those facing a 1 in 47 million chance of winning, are those six lucky numbers.

To find out more about the most frequently asked questions, go back to the home page and click on the "Know More On 7" icon.  There, you'll find a link to the Texas Lottery Commission.

Reporting: Braid Sharp bsharp@kltv.com

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