Lottery Tax Calculator
Calculate federal and state taxes on lottery winnings and determine your net payout after all tax obligations.
Calculator
Enter your information to calculate results
How It Works
Lottery tax calculation involves two main components:
1. Immediate Withholding
Federal: 24% for winnings over $5,000
State: Varies by state (0% to 13%+)
2. Actual Tax Liability
Based on your total income and tax bracket
May result in additional taxes owed or refund
Important: This calculator provides estimates. Consult a tax professional for precise calculations and tax planning strategies.
Examples
Example 1: $1M Jackpot
Gross Winnings: $1,000,000
Federal Withholding (24%): $240,000
State Withholding (5%): $50,000
Immediate Payout: $710,000
Estimated Net After All Taxes: ~$630,000
Example 2: $100K Prize
Gross Winnings: $100,000
Federal Withholding (24%): $24,000
State Withholding (5%): $5,000
Immediate Payout: $71,000
Estimated Net After All Taxes: ~$68,000
Compare
Tax Planning Tips:
- Consider spreading payments over multiple years if possible
- Maximize retirement account contributions
- Consider charitable donations for tax deductions
- Consult with a tax professional and financial advisor
State Tax Considerations:
- Some states have no income tax (FL, TX, WA, etc.)
- Others have high rates (CA up to 13.3%)
- Consider residency implications for large winnings
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