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How much is the lump sum lottery payout?

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For example, if you win $1 million, your lump sum payout is half of that, or $500,000. Federal withholding is 25% of the payout, or $125,000. If your state has a 7% income tax it will withhold that amount as well -- in this example, $35,000. The resulting lump sum payout is $340,000.
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