How much taxes I will have to pay for a $1 million dollar lotto prize?

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How much taxes I will have to pay for a $1 million dollar lotto prize?

Will it be half of the money?

2007-10-03 02:41:42 · 3 answers · asked by . 3 in Business & Finance ➔ Taxes ➔ United States

3 answers

Probably not half but could be fairly close to that depending on where you live. Federal will take a little under $350,000. If it's a state lottery from the state you live in, that might be all, since many states don't tax winnings on their own lotteries, but some do.

2007-10-03 03:23:03 · answer #1 · answered by Judy 7 · 1⤊ 0⤋

depends on your state and other income - figure 40% max

2007-10-03 09:46:48 · answer #2 · answered by Anonymous · 0⤊ 0⤋

42 percent its luxury tax

2007-10-03 09:46:58 · answer #3 · answered by kashflow 1 · 1⤊ 2⤋