Prize Winnings Calculator

Won a contest? Hit a half-court shot for $1,000,000? Use this calculator to estimate how much you'll actually keep after federal and state taxes.

Enter Your Details

Advertised prize amount *

Filing status *

Estimated other taxable income (before the prize) *

This determines which federal tax brackets apply to your prize

State of residence *

Override state marginal tax rate (optional)

Enter a custom rate if you know your exact state marginal rate

Your Results

Enter all required fields to see your estimated after-tax prize amount

Tax Assumptions

Assumptions: Prize is treated as ordinary income under federal law (e.g., contest/promotional prize, not lottery winnings). Uses 2024 IRS marginal federal tax brackets based on your filing status and total income. State taxes use a simplified single marginal rate. Does not account for local/city taxes, AMT, NIIT, self-employment tax, or income phaseouts.This is an estimate for educational purposes only and is not tax advice.

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