Lottery Winning Calculator After Taxes
This lottery winning calculator after taxes helps winners estimate their actual take-home pay by deducting federal, state, and local taxes from the jackpot amount. It considers various tax brackets and immediate lump-sum reductions, providing a realistic net payout figure to help winners make informed financial decisions.
Calculate Your Net Winnings
Net Winnings: $0
Total Taxes: $0
Calculation Process
The calculator deducts federal tax (24-37%), state tax (0-13%), and automatically applies 24% mandatory federal withholding. The formula: Net = Prize - (Prize × Federal Tax) - (Prize × State Tax) - (Prize × 24%). This provides an estimate of lump-sum payment after immediate tax deductions.