A mystery Powerball winner in California has yet to come forward after hitting a $526.5 million jackpot in the March 29, 2024, drawing. The winning ticket was purchased at a 7-Eleven store in Anaheim, but so far, the identity of the lucky player remains unknown.
Under California lottery rules, winners have up to one year from the draw date to claim their prize, giving the winner until March 29, 2025, to make their move. But once they do, they’ll face a decision with major financial consequences.
The winner can choose to receive the full prize through annual annuity payments or opt for a one-time lump sum. If they choose the lump sum, the total payout drops to an estimated $243.8 million before taxes.
Federal taxes will take a sizable chunk. All lottery winnings over $5,000 are subject to a mandatory 24% federal withholding tax—around $58 million in this case. Due to the size of the winnings, the final federal tax rate could climb to 37%, reducing the take-home amount even further.
However, the California winner won’t have to worry about state income taxes. California, along with Florida and Texas, does not tax lottery winnings. In contrast, states like New York charge up to 10.9% in additional taxes.
If the winner chooses the annuity, they’ll receive 30 payments over 29 years. The first check will be issued immediately, followed by annual payments that increase by 5% each year.
This massive win comes shortly after another large Powerball jackpot was claimed in Oregon. In February, Abbas Shafii took home $146.4 million before taxes after winning a $328.5 million jackpot from a ticket bought on January 17 in Beaverton.
Meanwhile, Mega Millions also saw a major win in March. A player in Illinois claimed a $349 million jackpot from the March 25 draw, marking the second Mega Millions jackpot of the year. The game is undergoing changes that will increase prize sizes and improve winning odds, according to lottery officials.
