I won 250,000 in my state lotttery, after taxes how much will I get?

MY friend won and they took out 39% which was the maximum federal tax rate in the year he won. His winnings put him in the max tax bracket.

That would mean you get $150,000 cash. If it turns out that you aren't really in the top tax bracket , you will get some of the money back with your income tax return.

You will clear approx. $170,000.00 after taxes depending which state you live in.

From the Virginia Lottery:

Yes. All prizes are subject to income taxes. The Lottery must withhold federal and state taxes from each prize over $5,000 - 25% for federal taxes and 4% for state taxes. For all prizes over $600, the lottery will issue a federal form W2-G to the winner.

http://www.valottery.com/

Whats the use asking?. If you know you cannot do about how much you are going or how much you have got so just hole on until you get what you get.

Don't that sound correct??.

probably half... but there is a way to get it all without payin taxes but im not sure how thats done, im sure someone should know that answer! oh an btw Congrats!!!

bonnie j

wow you lucky dog!!!

i don't know how much you will get after taxes. i think it depends on your state.