by rachael59 on October 7th, 2009

rachael59

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If you win $$$ (lottery, etc.) let's say in the millions, how much of that winning does the IRS get to take away from you? Is it a lower rate if the winnings are lower?

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Answers. 3 helpful answers below.

  • by rocklesson86 on June 12th, 2010

    rocklesson86

    I thought it was 50%.

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  • by skel1977 on October 7th, 2009

    skel1977

    Depends on the amount but roughly 40 percent is gone if you take lump sum.

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  • by Thriftymaid on October 7th, 2009

    Thriftymaid

    Federal tax is around 35%, then you may have state tax as well. See page 80.
    http://www.irs.gov/pub/irs-pdf/i1040gi.pdf

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