How much taxes I will have to pay for a $1 million dollar lotto prize?
October 14th, 2008 | by admin |
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3 Responses to “How much taxes I will have to pay for a $1 million dollar lotto prize?”
By Dr. Deth on Oct 16, 2008 | Reply
depends on your state and other income – figure 40% max
By kashflow on Oct 18, 2008 | Reply
42 percent its luxury tax
By Judy on Oct 21, 2008 | Reply
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.