The Powerball jackpot rose to $1.8 billion from the painting on Saturday night at 10:59pm ET.
No one has won since May, but it will become the third largest jackpot in US history, climbing over $2 billion without a winner, and the prize will be carried over to Monday night’s painting. This is the second time Powerball has reached $2 billion.
The last jackpot exceeding $1 billion was billed in April 2024. The biggest since then was a $526.5 million victory in March.
To claim the prize, you must break the odds of 1 at 292,201,338 and match all six numbers, including the Red Powerball. Smaller prizes are also available, including $1 million to match all five white balls without a Powerball.
How many do you actually take home after tax?
Winners have two payout options to choose from. A full jackpot paid as an annual installment over 30 years, or a temporary cash payment worth approximately 45% of the advertised award.
Whichever option you take, 24% will be immediately withheld against federal tax. This award almost certainly puts you in the top 37% federal bracket. This means that you will borrow the remaining scope when you file your 2025 tax return.
Most participating states also levie their own income taxes ranging from 2.5% to 10.9%. The eight states do not tax lottery prizes at all in California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington or Wyoming.
According to USAMEGA.com, the highest federal tax rate is 37%, and here’s what the total total for each state and Washington, DC, for both lump sum and 30-year pensions.
Arizona
Arkansaud
California
Colorado
Connecticut
Delaware
Florida
Georgia
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
main
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
New Hampshire
New Jersey
New Mexico
new york
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Vermont
Virginia
Washington
Washington DC
West Virginia
Wisconsin
Wyoming
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