California winner of record $2bn lottery prize says he is 'shocked

tax on lottery winnings california
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If you're a California resident and purchase your ticket there, you pay the 37% federal tax rate But you're in luck because California doesn't

Lottery winnings that are more than $5,000 get a federal tax of 24%, therefore, you'll be cutting a little more than $12 million from the annual

tax on lottery winnings California California doesn't tax lottery winnings — that's good news if you win the Powerball jackpot, as Californian Edwin Castro did with

taxes on lottery winnings More specifically, revenue from California's official lottery is directed toward a dedicated State Lottery Fund within the State Treasury While the state