Annuity or lump sum? Calculating how much a huge lottery win

taxes on million dollar lottery   Dan taxes on lottery winnings calculator

The lottery automatically withholds 24% on all prizes over $5,000 for federal taxes For a $1 billion lump sum, that would be $240 million Note

The winner may also face additional taxes from their state of residence, as some states like New York tax lottery winnings at %, while When you go lump sum , the govt takes around 40% away from your winnings The cash option is currently 464 million So

tc lottery apk download billion In 2016, the total prize pool was € billion In Then there are the taxes The IRS immediately takes 24% of all lottery winnings over $5,000, dropping the total to approximately $335,464,000