Topline<\/p>\n
The Powerball jackpot grew to $748 million after no winning tickets were drawn on Saturday night, however a potential winner would ultimately take home far less after taxes.<\/p>\n
No winners were drawn on Saturday night, but multiple people won prizes of at least $1 million.<\/p>\n
MediaNews Group via Getty ImagesKey Facts<\/p>\n
No tickets matched all five numbers drawn on Saturday night (6, 17, 27, 48, 50 and Powerball number 5), so the jackpot grew again, to an estimated $748 million for the next drawing.<\/p>\n
If a winner is drawn on Monday night, they will be given an option to take the entire $748 million in 30 annual payments, or receive a lump sum worth about $325.1 million immediately.<\/p>\n
Most winners opt to take the lump sum, and if a winner does so on Monday they will immediately face a 24% federal withholding tax, bringing the prize down to about $247 million.<\/p>\n
Income from the prize will likely put winners in the highest tax bracket, meaning they would also face a 37% federal marginal rate\u2014bringing the prize down further to about $204.8 million.<\/p>\n
If a winner takes the annuity, they will instead receive their prize in 30 payments that grow by 5% each year for the next 29 years\u2014for a grand total of about $471 million after factoring in federal taxes.<\/p>\n
Winners will also face state taxes, which can range as high as New York\u2019s 10.9%\u2014although some states, including Texas, California and Alaska, do not tax lottery winnings at all.<\/p>\n
What to Watch For<\/p>\n
The next drawing is scheduled for Monday night at 10:59 p.m. EDT. Players can watch the drawing live on Powerball\u2019s website<\/a> or YouTube channel<\/a>.<\/p>\n Big Number<\/p>\n 1 in 292.2 million. Those are the odds for winning the Powerball jackpot, which involves matching the numbers on all five white balls drawn (between 1 and 69), as well as the number on the red Powerball (between 1 and 26).<\/p>\n Surprising Fact<\/p>\n Although no players won the jackpot of $719 million on Saturday night, six walked away with seven-figure winnings. Multiple players matched the numbers on all five white balls, including three players in California, one in Maryland and one in Texas, winning the lottery\u2019s $1 million prize. A sixth player in Virginia purchased the Power Play option for $1 more, doubling that sum for a $2 million prize. The odds of winning Powerball\u2019s second-biggest prize are still steep\u2014about one in 11.6 million, according to the lottery.<\/p>\n","protected":false},"excerpt":{"rendered":"Topline The Powerball jackpot grew to $748 million after no winning tickets were drawn on Saturday night, however…\n","protected":false},"author":3,"featured_media":976073,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[6],"tags":[64,6411,55355,85797,618,67,132,68],"class_list":["post-976072","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-lottery","tag-powerball","tag-powerball-jackpot","tag-taxes","tag-united-states","tag-unitedstates","tag-us"],"share_on_mastodon":{"url":"","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/976072","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=976072"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/976072\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/976073"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=976072"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=976072"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=976072"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}