What much money is taken away from you after you win the lottery?

Say you win a million bucks on a reality TV show...how much money do you have to give away for tax?

What much money is taken away from you after you win the lottery?
35% for the IRS plus whatever your state tax is. Taking to over time could lower your rate. You will also get much less taking it in a lump sum because of the time value of money. So you might lose half for that then lose 35% on what is left or a total of about 65% gone before you get it.
Reply:Total tax would be very close to 35% for federal. State tax would depend on your state.
Reply:is it a lump sum or over 30 years???


lunp sum.depends on state/city/fed tax..............prob keep 60%
Reply:It depends where you live. Each state has a different % in taxes. In Canada if you win the lottery or a large sum at a casino, I am pretty sure 100% of it is yours. Note that the lottery prizes are very small compared to some big ones in the States. I've seen 30-40 million at the most.
Reply:Hard question to answer. It depends on how you take the money. if you take the money all at once that becomes part of your total income then you can check the tax rates in the booklet that came with your return. You will have to compute the tax from the tax table. I believe the Federal Government will take like 50 percent and the state will want their share. If you take the money in annual payment then you then your total income will be less and you may only have to pay something like 35 percent. Hope this helps with your question

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