If you win 1 million dollars in the lottery how much taxes would you have to pay in usa?

Question

If you win 1 million dollars in the lottery how much taxes would you have to pay in usa?

Answer 1

The initial federal tax bite is 35%.  If you live in a state that taxes income, there will be an additional withholding.

A good lawful tax preparer can possibly reduce the ultimate tax using various laws such as income averaging.

Answer 2

if u take it a lump sum i believe its like over half

anyone interested in free $ to play at the top online poker rooms no deposit or credit card needed?

http://www.yourpokercash.com/?addby=2

Answer 3

a good rule of thumb is 50-60% in Taxes for a one time lump sum.

If you take it as a yearly payment over the 26 years then it is the full ammount of $38,461 per year (for a $1 million prize), but YOU are then responsible for claiming that as income yearly and paying taxes on it.

Answer 4

federal tax is around 30% however realistically its more like 40 + for the lottery