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The “if you win 1 million how much is taxed” is a question that I am asked often. The answer to this question is not simple, and depends on the country where the winner lives.
The 2022 Players Championship is progressing at a snail’s pace, with severe rains and gale-force winds battering TPC Sawgrass in the opening four rounds. However, we should be able to crown a champion within the next few days (hopefully).
Given the fact that the 2022 Players has the greatest payout in PGA Tour history, the eventual winner will be ecstatic. So, what will be the size of the winner’s check?
The prize pool for the 2022 Players Championship is $3.6 million.
During the 2022 Players Championship at TPC Sawgrass, a pin flag is shown | Patrick Smith/Getty Images
The Players Championship purse was increased to a record-breaking $12.5 million in 2019, with Rory McIlroy taking home $2.25 million as the champion. The prize pool was raised to $15 million two years later, and Justin Thomas took home $2.7 million for his gallant triumph.
The Players, on the other hand, aren’t slowing down.
The Players Championship purse will be a record $20 million in 2022. The winner of this week’s tournament at TPC Sawgrass will take home a staggering $3.6 million, the largest prize pool in PGA Tour history.
Even big titles can’t match the Tour’s signature event. The average prize pool for major champions is just over $2 million, which is slightly over half of what the 2022 Players champion will get this week.
There’s no need to rush.
Payouts to 2022 players are a farce.
This week’s prize pool is hilarious.
1st: $3.6 million 2nd: $2.2 million $1.4 million for the third place finisher. 4th place: $980K $820K for 5th place. 6th place: $725,000 $675K for 7th place $625K for the eighth place finisher $585K for 9th place. $545K for tenth place
• Total prize pool of $20 million • Highest in golf history • Top 36 players get six figures or more • Last place is $43 thousand
— Kyle Porter (@KylePorterCBS) March 8, 2022
Not only will the winner of the 2022 Players Championship pocket $3.6 million, but second and third place finishers will also be pleased. Second place will take home a whopping $2.18 million, with third place taking home $1.38 million.
After making the cut, what happens to the player who comes in last? Even so, he’ll walk away with a tidy sum of $43,000. According to CBS Sports, this is the complete list of payouts:
1st: $3,600,000 2nd: $2,180,000 3rd: $1,380,000 4th: $980,000 5th: $820,000 6th: $725,000 7th: $675,000 8th: $625,000 9th: $585,000 10th: $545,000 11th: $505,000 12th: $465,000 13th: $465,000 14th: $385,000 15th: $345,000 16th: $325,000 18th: $305,000 19th: $285,000 20th: $265,000
After two rounds, Sam Burns and Tom Hoge were tied for first place.
After a couple big weather delays, the second round of The Players has finally concluded, although two days late. Many great players will miss the cut, including Collin Morikawa, Patrick Cantlay, Xander Schauffele, and Brooks Koepka, while the leaderboard has some unexpected names.
With the co-lead at 7 under par, Sam Burns and Tom Hoge will proceed to the “weekend.” At 6 under, Harold Varner III and Erik Van Rooyen are tied for second, while seven players are tied for fifth at 5 under.
Isn’t it exactly what everyone predicted?
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RELATED: Players Championship: How a $1 Purchase at TPC Sawgrass Led to a Historic $20 Million Prize
The “how to avoid paying taxes on prize winnings” is a question that many people ask. In order to avoid having to pay taxes on your winnings, you must make sure that the prize money is not in excess of what you need for living expenses.
Frequently Asked Questions
How much money does the winner of the Players Championship get?
A: The winner of the Players Championship will get $1,000,000.
How much of the lottery do you actually get?
A: You can get anywhere from 0-1% of the jackpot.
How Much Will Mega Millions winner take home?
A: The Mega Millions prize is the largest lottery jackpot in U.S history, currently sitting at $1.6 billion. If someone were to win this jackpot, they would leave with a net worth of just under 1 trillion!
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