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How much of the million do Survivor winners get after taxes?

All of that prize money is taxable—a lesson Season 1 winner Richard Hatch learned the hard way. (Hatch ended up spending 51 months in prison for failing to pay taxes on his Survivor winnings and other income.) In reality, after taxes, you would end up with about $580,000, according to AOL.

finance.yahoo.com - Here's Exactly What You Get For Winning 'Survivor' - Yahoo Finance
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From Men's Health

The winner of Survivor—now in its 40th season—gets a whole lot of money. That prize money is taxable, as season one winner Richard Hatch learned the hard way. Losers make money, too, so you're not completely out of luck if you're not Sole Survivor. While watching Survivor is loads of fun, living the experience is decidedly not as enjoyable. From the small rations of food to the bugs, diarrhea, and thunderstorms, spending 39 days on a faraway island isn't how most people would want to spend their time. Unless, of course, you had the chance to win a very large chunk of money at the end of it all.

So...what do you get for winning Survivor, anyway?

The winner of Survivor gets a cool $1 million.

How much does the Survivor winner get after taxes?

All of that prize money is taxable—a lesson Season 1 winner Richard Hatch learned the hard way. (Hatch ended up spending 51 months in prison for failing to pay taxes on his Survivor winnings and other income.) In reality, after taxes, you would end up with about $580,000, according to AOL. AOL also elaborated on just how significantly those taxes affect your winnings: "How much you're taxed depends on your income and the state you live in (because if your state levies income taxes, it will want its bite, too). However, it's safe to say that you'll lose nearly half to the taxman. If you want to survive on Survivor winnings for 20 years, you'll have to budget less than $30,000 a year after taxes."

Bummer.

But in a cool twist, the winner of Survivor: Winners at War will get a $2 million prize—but don't forget about those taxes. When a North Carolina man won a $2 million Powerball payday, he ended up with about $1,415,001, so we can expect our season 40 winner to take home a similar amount.

Do the losers of Survivor get any money?

For the rest of the castaways, there are also some cash prizes, as the second-place contestant receives about $100,000. Jon Dalton (aka Jonny Fairplay, of "dead grandma lie" fame) told TMZ that jury members are awarded $40,000 and the first person voted off gets around $3,500, while Today reported that the first person to get voted off receives $2,500. And if you're a returning player, you can net about $25,000 for being the first one to leave the island. Other contestants are paid on a sliding scale based on how long they end up staying in the game.

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What money can the IRS not touch?

Federal law requires a person to report cash transactions of more than $10,000 to the IRS.

irs.gov - Here's what people should know about reporting cash payments - IRS

IRS Tax Tip 2019-49, April 29, 2019

Federal law requires a person to report cash transactions of more than $10,000 to the IRS. Here are some facts about reporting these payments.

Who’s covered

For purposes of cash payments, a “person” is defined as an individual, company, corporation, partnership, association, trust or estate. For example:

Dealers of jewelry, furniture, boats, aircraft, automobiles, art, rugs and antiques

Pawnbrokers

Attorneys

Real estate brokers

Insurance companies

Travel agencies

How to report

People report the payment by filing Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or BusinessPDF. A person can file Form 8300 electronically using the Financial Crimes Enforcement Network’s BSA E-Filing System. E-filing is free, quick and secure. Filers will receive an electronic acknowledgement of each form they file. Those who prefer to mail Form 8300 can send it to the IRS at the address listed on the form.

What’s cash

Cash includes coins and currency of the United States or any foreign country. For some transactionsPDF, it’s also a cashier’s check, bank draft, traveler’s check or money order with a face amount of $10,000 or less.

A person must report cash of more than $10,000 they received:

In one lump sum

In two or more related payments within 24 hours

As part of a single transaction within 12 months

As part of two or more related transactions within 12 months

When to file

A person must file Form 8300 within 15 days after the date they received the cash. If they receive payments toward a single transaction or two or more related transactions, they file when the total amount paid exceeds $10,000.

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