Powerball Jackpot Hits $654 Million—Here’s How Much A Winner Would Take Home After Taxes

No tickets were sold matching all six numbers on Saturday night (28, 32, 36, 51, 69, and Powerball number 2), so the jackpot is growing once again before the next drawing.

If a lottery player wins on a ticket matching all six numbers in Monday night’s upcoming drawing, they can choose between receiving the $654 million jackpot in 30 annualized payments or taking a lump sum of $303.2 million.

If the winner picks the lump sum, the more popular option, they will have an automatic 24% federal withholding tax on their winnings, bringing the total down to $230.4 million.

The winner could then face the highest federal marginal tax rate, which is 37%, bringing the payout down to $191 million.

If the winner takes the annuities, their average annual payment of $21.8 million would be reduced to about $13.8 million, paid out over the next 30 years.

Winners could also face state taxes, which vary based on the state they live in—the highest tax is New York’s 10.9% rate, while multiple states, including California, Texas and Alaska don’t tax winnings at all.

What To Watch For

The next Powerball drawing is scheduled for Monday night at 10:59 p.m. EST. The drawing is streamed on Powerball’s website and the lottery’s YouTube channel.

Big Number

One in 292.2 million. Those are the odds for winning the Powerball jackpot. Despite these intimidating odds, multiple people have won big this year. In September, two players in Missouri and Texas both matched all six numbers to split a $1.78 billion jackpot—the second-largest in the lottery’s history.

Tangent

Although no winner was drawn on Saturday, two players, one in Georgia and one in Oklahoma, managed to match the numbers on all five white balls, earning a $1 million prize each. The odds to win this prize are also incredibly steep—about one in 11.6 million, according to Powerball organizers.