California(CA) Super Lotto Prize Analysis for Wed Jan 27, 2021
As legally required by the state of California, taxes are withheld on lottery winnings of $600.00 or more. For prizes over $5,000.00, US citizens and resident aliens with a social security number are subject to a 25% deduction to their prizes, which represents federal taxes. Luckily, lottery prizes are exempt from California state and local personal income taxes. For more information on taxes for lottery winnings in the state of California, click here.
- Choose Payment Option: The jackpot winner of California(CA) Super Lotto has 60 days to decide to take a one time lump sum cash payment or 26 graduated annual installments after the claim approval.
- Cash Option: California(CA) Super Lotto cash option is a single lump-sum payment of 45%