The Powerball Jackpot has once again hit astronomical heights, passing the $700 million barrier, after no tickets matched all six numbers in last night’s draw.
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For context, the current jackpot is still well below the record-setting marks from recent years: the largest U.S. lottery prize ever was $2.04 billion (won in California in November 2022), while a $1.787 billion jackpot was split by two tickets in September 2024—one claimed by a Texas trust and the other in Missouri. As always with Powerball, the headline figure is the annuity value paid out over 30 years. The actual cash option for Saturday’s draw is $333.3 million before taxes. A winner can choose either:- The full $719 million paid in 30 annual installments, or
- A lump-sum cash payment of $333.3 million.
Taxes take a big bite either way. If the winner takes the lump sum:
- 24% federal withholding is automatically deducted upfront → ~$253.4 million
- An additional federal tax (up to 37% total) could reduce it further to roughly $210 million, depending on income.
With the annuity, each ~$24 million annual payment would drop to about $15.1 million after the top 37% federal rate.
Where you claim the ticket makes a huge difference too. States like California, Florida, New Hampshire, Texas, and Tennessee have no state income tax on lottery winnings. In contrast, New York hits winners with an 8.82% state tax, and New York City residents face an extra 3.876% local tax.Last night’s draw produced four $1 million winners (in California, New Jersey, Pennsylvania, and South Carolina) but no one claimed the $2 million prize with Power Play.
Powerball tickets cost $2 per play. Pick five numbers from 1–69 (white balls) and one Powerball number from 1–26. Match all six to win the jackpot. Draws air Monday, Wednesday, and Saturday at 9:59 p.m. CT.
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Rephrased by The Mystic Gambler