In order to keep my fantasies accurate....

[conuly]

If I were to buy a lottery ticket (for the first time evah!) and win big... like super big... like hundreds of millions of dollars big.... Let's give it a round number like 200 million.

What would the taxes be on that? How much would I actually get, I mean, living in NYC?

(I already know how I'd spend it too. I'd build us a few decent playgrounds in the area. For the love of gosh, why can't we have playgrounds here????)

Comments

[bessemerprocess]

I think you lose almost half by taking the lump sum payment and another half after that to taxes, so say 50 million?

[peebs1701.livejournal.com]

No idea what it would actually be I just know that it's a lot higher on windfalls like that than on income.

For the purposes of my fantasies I assume I get to keep half of it. :)

[rhicat.livejournal.com]

IIRC from when I worked a Lotto machine, you lose 30-40% to taxes depending on how you take your winnings. The least amount is taken out if you choose payments spread out over twenty years. Most people choose lump sum which the state takes the biggest chunk.

[sayga.livejournal.com]

Yes, I was going to say the same thing. I believe it's about 35%, but if I ever won big, I would put aside about 50% for taxes, just in case, until I found out exactly what tax was owed. (Yes, I've thought this through a few times already!!).