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    Home»Personal Finance»$2.04 Billion Powerball Jackpot Winning Ticket Sold in California
    Personal Finance

    $2.04 Billion Powerball Jackpot Winning Ticket Sold in California

    November 8, 20221 Min Read
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    Anadolu Agency | Anadolu Agency | Getty Images

    California does not tax lottery winnings

    While the IRS will take 24% — or $239.4 million — off the top for federal withholding tax, California does not tax lottery winnings, according to the Lottery Winner’s Handbook. State. So, if the winning ticket holder lives in the Golden State, no state or local taxes on the windfall would be due.

    However, if the winner lives elsewhere, their state of residence will determine what they owe in their jurisdiction. These levies range from zero to more than 10%, depending on the state.

    New Study Finds 72.5 Million Households Pay No Federal Taxes

    At the federal level, more than the $239.4 million originally withheld would likely be owed at tax time, as the top federal rate is 37%.

    Unless the winner is able to reduce their taxable income, i.e., by making large charitable donations, an additional 13%, or $129.7 million, would be owed to the IRS. That would be $369.1 million in total for federal taxes, leaving the winner with $628.5 million.

    The Powerball jackpot has been reset to $20 million for its next draw, scheduled for Wednesday evening. Mega Millions’ top prize, meanwhile, is $154 million for its Tuesday night draw.

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