Lottery Tax Calculator
See how much of a jackpot you keep after federal tax. Estimates 2024 US federal tax on lottery/gambling winnings, excludes state tax; not tax advice.
- Estimated federal tax
- 328187.75
- After-tax winnings
- 671812.25
- Effective rate
- 32.82%
- 24% withholding
- 240000
How to use
- Enter your total winnings.
- Choose your filing status.
- Read the estimated federal tax, after-tax winnings, and effective rate.
Examples
- $1,000,000 (single):
federal tax ≈ 328,187.75, keep ≈ 671,812.25 - 24% withholding:
$1,000,000 → 240,000 withheld upfront
FAQ
- Why is the 24% withholding different from the tax shown?
- The payer withholds a flat 24% upfront, but large winnings are taxed as ordinary income and usually fall in the top 37% bracket. Your actual federal tax is typically higher than the 24% withheld, so you may owe more at filing.
- Does this include state taxes?
- No. State taxes vary widely, some states have no income tax, others tax winnings heavily. This tool shows federal tax only; add your state tax separately.
- Does this assume a lump sum?
- Yes, it assumes the winnings are received as a single lump sum taxed in one year. Annuity payouts spread the income across years and can change the result. This is an estimate, not tax advice, consult a professional.