The $2.04 billion Powerball jackpot marks the largest in lottery history. While 37% of the winnings will go toward federal income tax, California is one of only a few states that doesn’t tax lottery winnings.
By Josephine Nesbit
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This means that if the winner is a resident of California and chooses the lump-sum prize, which is about $997.6 million, then Bloomberg noted that they will take home $147 million more than if they lived in one of the five boroughs of New York City. The state of New York charges a tax of 10.9%, plus an additional 3.9% if you live in New York City.
But the $2.04 billion will only go to the lucky winner if they claim the prize as 30 annuity payments instead of the $997.6 single payout, Bloomberg says.
Along with the jackpot winner, the state lottery said that three additional Golden State tickets were near-matches, Bloomberg said.
“Not only did California have the BIG #Powerball winner, three more tickets matched 5 numbers missing just the Powerball in Gardena, Beaumont, and San Francisco,” the California Lottery wrote on Twitter and as reported by Bloomberg.
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California lottery officials said the winning ticket was drawn at Joe’s Service Center in Altadena in north Los Angeles County. The winner has not yet been identified.
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