Lottery Tax Calculator
How much money can you keep after taxes if you hit the jackpot on a lottery game like Powerball or Mega Millions? Probably much less than you think. This tool helps you calculate the exact amount.
Lottery taxes are anything but simple, the exact amount you have to pay depends on the size of the jackpot, the state/city you live in, the state you bought the ticket in, and a few other factors. We've created this calculator to help you give an estimate.
How much tax would you pay on a $1,000,000.00 lottery prize?
Total tax to pay: $338,200.00
You get to keep: $661,800.00
Do You Always Have To Pay Taxes on Lottery Winnings?
Smaller prizes are tax-free. You don't have to pay federal taxes for winnings under $600. If you have any unpaid alimony or child support it can also be automatically deducted from your winnings before payout.
Are There Any Other Possible Fees Or Deductions On Lottery Winnings?
Some cities have additional taxes on lottery winnings. (For example New York City charges an additional 4%.)
How Accurate Is the Lottery Tax Calculator?
Numbers provided by the tax calculator are only estimations. The exact amount to be paid will depend on your income for the given year as it's quite a possible that you'll move up to higher tax bracket because of your winnings.
How Much Does It Cost to Use the Lottery Tax Calculator? Is It a Free Tool?
LottoLibrary.com's lottery tax calculator tool is free to use. There are no hidden fees or charges.
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