If you won 120 million US Dollars from the lottery, how much money is actually given to you after taxes?

Question

I have heard people say, whatever the number is, cut that amount into half, and you can figure how much is actually awarded after taxes.

But does anyone actually Know the percentages of tax that is taken out of 120 mill?

Answer 1

Around $42 million would go toward federal income tax. You'd be in a 35% bracket, the highest bracket. You wouldn't pay 35% on quite all of it, since some would be taxed in the lower brackets, but would be close to $42 mil.

If it's a state or multi-state lottery, there probably wouldn't be state income tax since most states don't tax winnings on their lotteries.

Answer 2

You'll see about 50-60% of whatever the cash settlement is. That's between federal, state, and local taxes.

Answer 3

if you want the money all at once instead of over a 20 year period you will end up with about 70million give or take, the tax department swoops in and takes major chunks of your lovely winnings. Lucky for the pepole in europe as whatever they win its ALL thiers tax free!

Answer 4

I don't know but if you won you'd better share ... lol
according to http://www.taxcut.com/calculators06/taxcutoutlook.html
318105 US dollars assuming you are married and filling jointly with 2 children and no extra income
but I was playing around if you want to know with your personal income you'd have to enter it there.. g/d and if you won can I have some??? lol

Answer 5

I would expect at least $10,000 if my sister won the lottery. I would do the same for her :)

Answer 6

Not sure if it has changed recently, but around 40% Fed. Differs on state.

Answer 7

I usually figure 1/2 as well. You wont win so don't worry about it.