win the lotto what persantage goes to you from the whole amount ?
2007-02-17 16:05:38 · 4 answers · asked by Anonymous in Family & Relationships ➔ Marriage & Divorce
i live in california tax here is 8.25% over all i just want to know aproximatly what i will be getting back is it 75% 50% 45% or so on what do you think?
2007-02-17 16:08:21 · update #1
Did you take the cash option, or the payments. If you took the cash option, you only get 50% before taxes. Then, you will get slammed with taxes as well. So, if you won $20 million, and took the cash option, right off, you will only get $10 million. After taxes on this amount of money, you will likely walk away with about $6 million +/-. So, in this instance, you would get a little over 25%.
If you took the payment plan, you will get the full amount. If it was $20 million, you would likely get about $12 million over the 20 years. That would be $600K a year, or $50K a month for 20 years.
2007-02-17 16:16:25 · answer #1 · answered by ? 5 · 0⤊ 0⤋
Look it up for your state...some info I ran across mentioned 28% income tax on lottery winnings if it was taken over "x" number of years, or 40 -50% taken out of it if it was awarded in a 'lump sum'.
2007-02-18 00:13:28 · answer #2 · answered by . 7 · 0⤊ 0⤋
i think that is 80% because you will have to pay the state and at the end there will be left only 80 %
2007-02-18 00:10:14 · answer #3 · answered by Jerdy 5 · 0⤊ 0⤋
If you win the jackpot in any lottery, I'll eat your hat.
2007-02-18 00:30:20 · answer #4 · answered by Anonymous · 0⤊ 0⤋