Say you win a million bucks on a reality TV show…how much money do you have to give away for tax?

 

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  • 35% for the IRS plus whatever your state tax is. Taking to over time could lower your rate. You will also get much less taking it in a lump sum because of the time value of money. So you might lose half for that then lose 35% on what is left or a total of about 65% gone before you get it.

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