Powerball Jackpot Soars to $875 Million: Post-Tax Winner’s Take Explained
The Powerball jackpot has surged to an astonishing $875 million following a lack of winners in the latest draw. This increase comes ahead of the next drawing, set for Monday night.
Key Details About the Powerball Jackpot
- Current Jackpot: $875 million
- Last Winning Numbers: 13, 14, 26, 28, 44, and Powerball number 7
- Next Drawing: Monday at 10:59 p.m. EST
What Winners Can Expect
A potential winner of the jackpot will face significant tax implications. They will have the option to choose between two payment methods:
- Annuity Option: $875 million paid over 30 years, averaging about $18.4 million annually.
- Lump Sum Option: $403.6 million paid immediately.
Most winners opt for the lump sum. However, this choice comes with a 24% federal withholding tax, reducing their immediate payout to approximately $306.7 million. Additionally, winners may fall into the highest marginal tax bracket of 37%, resulting in a net takeaway of about $254.3 million.
State Tax Considerations
Tax regulations can further affect the total winnings. States such as California, Texas, and Florida do not impose taxes on lottery winnings. In contrast, winners in New York could encounter a state tax rate of up to 10.9%.
Stay Updated
Fans of the lottery can keep track of future drawings by streaming them live. The next Powerball drawing will be available on the lottery’s official website and YouTube channel.
