Powerball Ticket Sold In California Wins $ Billion Prize—Here's

website california taxes on lottery winnings The federal tax rate on any prize over $5,000 is 24%, which gets immediately deducted from your winnings And for a large prize like the Mega california lottery drawing While you don't have to report lottery winnings of $600 or less, if you win more than $5,000, the government will hit you with a 24 percent federal withholding

california taxes on lottery winnings Generally, inherited lottery winnings are not taxable in California since there is no federal or state inheritance tax in California   Winnings would be subject to federal taxes, and many states also tax lottery winnings Powerball is played in 45 states, as well as  Alvarez opted for the latter, which amounted to $ before federal taxes Hailing the winnings, the California Lottery said: “Both

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