Monday, November 28, 2022

Winning ticket for Powerball’s record $2.04 billion jackpot sold in California — here’s what will go to taxes

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  • The prize marks the largest ever in lottery history.
  • The IRS will scrape 24% — or $239.4 million — off the top for federal tax withholding if the winner chooses the cash option of $997.6 million.
  • However, California does not tax lottery winnings.

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Disclaimer: This story is generated from RSS Feed and has not been created or edited by Waba News. Publisher: CNBC

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