what are the taxes on lottery winnings in california
California State Lottery All prizes for Fantasy 5, Daily Derby, Daily 3, Daily 4, and non-jackpot SuperLotto Plus, Mega Millions, and Powerball prizes, are paid out in one payment, less 25% or 33% (depending upon the winner's tax documentation) Federal withholding if the prize is over $5,000. Merchandise prizes over $5,000 are subject to 33% Federal withholding. Scratchers tickets are generally one-payment prizes; however, some games have annuity options for payments each year, or per week. California does not tax California Lottery winnings, however it taxes lottery winnings from other jurisdictions.[47] For SuperLotto Plus and Mega Millions jackpots, the player may choose a single cash payout for a floating percentage of the jackpot, or an annuity. The SuperLotto Plus, Mega Millions, and Powerball payment schedule are on a graduated basis over 30 annual payments. Until 2005, when California joined Mega Millions, the payment choice on SuperLotto Plus had to be made when the ticket was bought. Since then, there is a 60-day window after winning, in which the choice of cash or annuity is to be made.
National Lottery (United Kingdom) The National Lottery is a jackpot system with the majority of winnings going to those few players who pick all six numbers. The average percentage return is the share of the ticket sales devoted to prize funds, about 45% (i.e., 45% of the money spent on tickets would be won in prizes). The spread of returns will be very wide and influenced by several factors that change week-by-week (e.g. the number of tickets sold, the "distinctiveness" and popularity of the winning numbers). Over an extremely long period (tens of millions of draws) the return on investment would approach the average, about 45% (a 55% loss). Over a shorter period there is a very small chance of a big win, but otherwise an average return of less than 45%; a numerical experiment using 10,000 random sets of numbers each week for 3 years found that, had the tickets been bought, the rate of return would have been less than 30%.