Powerball Jackpot Jumps Past $900 Million—Here’s What The Winner Could Take Home After Taxes

The Powerball jackpot rose to $935 million—the game’s biggest prize of the year so far—after no tickets matched the numbers drawn on Wednesday night, but the eventual winner will take home a smaller amount after paying their taxes.... If a winner is found in the next draw, they will have to pick between receiving the $935 million amount split across 30 annual payments or a lump sum cash award of $449.7 million—usually the popular choice.

If the lump sum payment is chosen, the prize amount will drop to $341.77 million after a mandatory federal tax withholding of 24% is applied. Depending on their taxable income, the winner could face a federal marginal rate as high as 37%, which would further slash the winnings to $283.31 million. If the winner goes the annual payments route, their yearly installment of 31.2 million will drop to $19.6 million if the 37% federal marginal rate is applied.

The winner’s state of residence will also impact their take-home amount as some states like Texas and California don’t tax lottery winnings, while others like New York and New Jersey levy between 5% to 10.9%.1-in-292.2 million. Those are the astronomical odds a ticket buyer has to overcome to win the Powerball jackpot. This is only slightly better than the Mega Millions jackpot’s abysmal odds of 1-in-302.6 million.a $1.13 billion jackpot on Tuesday night.

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Powerball jackpot jumps to estimated $800 million after no big winner SaturdayPowerball announced its upcoming jackpot for Monday's drawing will be an estimated $800 million after no one won the $750 million jackpot up for grabs Saturday…
Source: NBCLA - 🏆 319. / 59 Read more »

Powerball jackpot continues to climb, jumps to $800M after nobody wins grand prizeThe Powerball jackpot continues to rise after no tickets matched the winning numbers in Saturday's drawing, with the grand prize now sitting at an estimated $800 million.
Source: FoxBusiness - 🏆 458. / 53 Read more »

Powerball jackpot jumps to estimated $865 million after no big winner MondayThe Powerball jackpot has risen to an estimated $865 million for Wednesday's drawing after no one won the grand prize Monday night, which would have been an…
Source: nbcchicago - 🏆 545. / 51 Read more »

Mega Millions and Powerball Jackpots Continue to GrowBoth Mega Millions and Powerball jackpots have reached significant amounts after multiple rollovers. The Mega Millions jackpot is currently estimated at $875 million, while the Powerball jackpot stands at $600 million. The last Mega Millions jackpot was won on December 8, 2023, in California, and this is only the sixth time in the game's history that the jackpot has reached such a high amount. The odds of winning the grand prize in Mega Millions are 1 in 302,575,350. Powerball tickets are also available for $2.
Source: fox32news - 🏆 547. / 51 Read more »

Winning numbers drawn for estimated $750 million Powerball jackpotThere has not been a grand prize winner since New Year's Day.
Source: CBSHealth - 🏆 480. / 51 Read more »

Powerball jackpot soars to an estimated $750M after no top winners WednesdayThe last time the Powerball jackpot was won was in January, when a ticket in Michigan scored a prize worth $842.4 million.
Source: abc7newsbayarea - 🏆 529. / 51 Read more »