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.
Calculator by Toolsloft ↗- Estimated federal tax
- $328,187.75
- After-tax winnings
- $671,812.25
- Effective rate
- 32.82%
- 24% withholding
- 240000
This calculator estimates the U.S. federal tax on lottery or gambling winnings taken as a lump sum and shows what you keep after tax. Use it to gauge the gap between the headline jackpot and your real take-home, and to see how the flat upfront withholding compares to what you may actually owe.
How this is calculated
It taxes the full winnings as ordinary income with no deduction using the 2024 federal progressive brackets for your filing status, then reports the effective rate and the mandatory 24% upfront withholding; state tax is not included.
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.