The Powerball jackpot has soared to an eye-popping $1.3 billion after Monday night’s drawing concluded with no winners. This is the largest lottery prize since April 2024. However, winners should remember that their actual payout will shrink due to taxes.
On Monday, the drawn numbers were 8, 23, 25, 40, 53, and the red Powerball 5. If someone wins in the next drawing, they’ll have the chance to either take the full $1.3 billion over 30 years or opt for a lump sum of $589 million. Many winners choose the cash option. But after the mandatory federal withholding of 24%, this amount drops to about $447.6 million. Depending on their income, winners might face a federal tax rate as high as 37%, pushing the final amount down to around $371 million.
Winners are also subject to state taxes. For example, New York has a lottery tax rate of 10.9%. Conversely, states like Texas, Florida, and California do not tax lottery winnings.
The odds of winning the jackpot are staggering—1 in 292.2 million. This makes the Powerball slightly harder to win than the Mega Millions, which has odds of 1 in 290.4 million. Interestingly, earlier this year, Mega Millions made changes to improve its odds, making both lotteries competitive.
The next Powerball draw is set for Wednesday night. If there’s no winner again, the jackpot could exceed previous records for 2024. Meanwhile, the Mega Millions jackpot is also rising, currently standing at $302 million, with its drawing happening on Tuesday.
Historically, this year’s lottery prizes have been notable. The largest win of 2024 so far was $526.5 million, scooped by a ticket holder in California back in March. The largest jackpot ever recorded was $1.586 billion in January 2016, shared among three winning tickets.
As the excitement builds, social media is buzzing with hopeful ticket holders sharing their lucky charms and strategies. Whether for fun or dreams of fortune, lotteries keep many engaged.
For those wanting to dive deeper into the world of lotteries and their impact, check out the National Lottery website for more detailed statistics and insights.
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