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What are the Lottery winnings?

WHAT WOULD BE THE TAXES ON $250,000 LOTTERY WINNINGS?

  • My aunt wanted to know what the exact taxes would be on lottery winnings of $250k. Is there an online calculator for this anyone could suggest? And could she ask for the full tax amount to be taken out at the time of her getting the payout? She needs to know so she can know how much money she can spend out of the winnings and how much she should withhold for taxes if the taxes aren't taken out immediately. If a person won $250k would they have only 150k to be spend based on a 40% tax bracket? I heard of taxes being taken at a 50% rate, but I don't know who this applies to or what. Can someone please explain this so I can explain it to my aunt? Thanks so much. :)

  • Answer:

    LegFuJohnson is right. Of course that's only if you're even in the USA. How can anyone possibly even know where on this planet you're talking about? There are many countries in which lottery winnings are NOT taxed at all. While you explain this all to your aunt, explain to her that she is dilusional to think she'll ever win 250K. The lottery is a tax on the poor and on the ignorant. Which is she?

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You realize that not every state has the same income tax rate, right? What would the taxes be if your job paid you $250K? Is the same thing. It's income tax. You can look up a tax table on-line if you want.

LegFuJohnson

50% flat rate but you can get a refund of some when you file a return and your total income is low

Harley Drive

the fed will get about 30% and the state will get about 5 -10% depending which state you live in

nas88car300 #20 MK wins again in the #20

Half. With some rebate though.

about 50 percent of that.

Nikki S

249999.99 dollars. IRS is going bankrupt

S.O.D.A

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