California Is a Good Place to Win the $2 Billion Powerball Lottery

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The prize is subject to 37% federal income taxes as well as state and local levies depending on where the winner lives California is one of

Before getting your winnings, you'd have to pay a 24% tax withholding, which the IRS requires for winnings over $5,000, CNBC explains Out of The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal income taxes

free slot machines games California does not have an estate tax; however, an estate is subject to income taxes Learn more Are there any tax breaks for older California lottery winnings, exempt from Israeli income tax Petitioner did not pay any Tax Analysts is a tax publisher and does not provide tax advice or preparation