The Powerball jackpot has reached an impressive $570 million following Saturday’s drawing, which saw no winning tickets sold. This increase comes on the heels of a significant win in the Mega Millions lottery, where a participant from Georgia claimed a staggering $980 million on Friday night.
As there were no tickets matching the winning numbers (6, 7, 12, 47, 53, and Powerball number 21), the jackpot will continue to escalate ahead of the next drawing scheduled for Monday night. Should a ticket match all six numbers, the lucky winner will have two payout options: they can either opt for the jackpot amount of $570 million distributed over 30 annual installments or take a lump sum of $266.9 million.
Most winners tend to choose the lump sum option, which comes with immediate financial implications, specifically a 24% federal withholding tax, reducing the payout to approximately $202.8 million right away. However, this initial withholding does not account for the highest marginal federal tax rate of 37%, which would further reduce the total winnings to about $168.1 million after taxes.
If a winner decides on the annuity route instead, they will receive about $12 million annually after federal taxes. It’s important to note that winners are also subject to state taxes, which vary significantly; some states such as California, Texas, and Nevada impose no state tax, while New York has one of the highest rates at 10.9%.
The anticipation builds as the next Powerball drawing is set for Monday night at 10:59 p.m. EST, with the event streamed live on Powerball’s website. If there are no winners once again, the jackpot will increase further, leading to the subsequent drawing on Wednesday.
