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If you win 1M in the lottery how much do you get to keep?

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  • If you win 1M in the lottery how much do you get to keep?


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Answer #1 | 29/12 2013 00:07
about $600,000
Answer #2 | 29/12 2013 00:08
Depends what state you live because of the varying taxes. I'm in Illinois. So if you lived here, you probably walk away with only 550K dollars.
Answer #3 | 29/12 2013 00:10
in the states, its a little over half. But I see you asked on Yahoo Answers Canada, so i did some research and in canada and a few other countries there is no tax on the lottery. That being said, the jackpots in those countries are usually quite smaller than the jackpots in the States.
Answer #4 | 29/12 2013 00:11
It depends on which country you live in, in Canada you get to keep all of it :) but in the U.S.A I'm pretty sure you get to keep $600 000. I live in Canada so I'm not an expert on american tax laws but I'm almost sure that's it. Also, congrats on your dad winning, my grandparents won back in the 70's and they still are living very comfortably today.
Answer #5 | 29/12 2013 05:21
In Canada, lottery winnings are tax free. You keep the entire winnings.
Answer #6 | 29/12 2013 02:03
I have no idea but that's awesome :D

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