How much taxes are deducted if you win 5 million dollars?

The amount of taxes deducted from a $5 million lottery win depends on various factors, including the jurisdiction and whether you choose a lump-sum payment or annuity. In the U.S., federal taxes can take about 24% to 37% of the winnings, depending on your total income bracket. Additionally, state taxes may apply, varying widely by state, and can range from 0% to around 10%. Overall, you might expect to take home roughly $2.5 to $3.5 million after taxes.