Powerball and taxes: What you have to pay if you win the $935 million

how much of the lottery is taxed
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There are generally no California state taxes for Lottery prizes, but we are required to withhold federal taxes With an annuity prize, payments are made

However, that's not all Lottery winnings also count as income, so by winning the jackpot, the ticketholder has been pushed into the 37% tax Before getting your winnings, you'd have to pay a 24% federal tax withholding, which the IRS requires for winnings over $5,000, CNBC explains

mass lottery offices California, unlike some other states, does not levy income tax on lottery tickets purchased within its borders However, this doesn't mean the You are taxed on anything you win, whether it's cash, an item, a trip, or a service · Winnings are subject to federal and state income taxes · Most tangible