Record-Breaking Powerball Jackpot Soars to $1.7 Billion-Third Largest Lottery Reward in History
The Powerball and Mega Millions jackpots have been on a roll, with the next draws promising exciting possibilities for lucky ticket holders. Here's a breakdown of the current jackpot amounts, odds, and potential tax implications.
In the upcoming Powerball draw, set for Saturday night, the jackpot is expected to surpass the biggest prize of 2024 if no winner emerges in the previous draw. The six numbers drawn on Monday night were 3, 16, 29, 61, 69, and red Powerball 22.
Meanwhile, the Mega Millions jackpot stands at $336 million, with the next draw scheduled for Friday. The odds of winning the Mega Millions jackpot are 1 in 290.4 million, slightly better than the Powerball's 1 in 292.2 million.
If a Powerball winner emerges in the next draw, they will have a choice between a $1.7 billion prize spread over 30 annualized payments or a lump-sum cash prize of $770.3 million. If they choose the installment route, their annual payments of around $56.6 million would drop to $35.6 million if the 37% federal marginal rate is applied. On the other hand, if they opt for the lump sum payment, the winnings will drop to around $585.4 million after a mandatory federal withholding of 24% is applied.
It's worth noting that the location of a winner's residence may affect their taxes. While some states like New York tax lottery winnings at a rate of 10.9%, others like Texas, Florida, and California do not.
The biggest ever lottery prize was a $2.04 billion Powerball jackpot, won by a person from California in November 2022. The biggest lottery prize since October 2023 was a $1.765 billion Powerball jackpot won by a single ticket buyer from California. So far, the biggest lottery prize won this year was a $526.5 million Powerball jackpot won by a ticket buyer from California in March.
The Mega Millions earlier this year implemented changes that slightly improved the odds of winning both the jackpot and smaller prizes.
Remember, these are just the facts, and the odds of winning remain incredibly slim. But it's always fun to dream about what you'd do with a life-changing lottery win! Good luck, and remember to play responsibly.
In the next Powerball draw, the jackpot winner living in Texas did not have to pay state taxes because Texas does not impose a state income tax on lottery winnings; however, federal taxes and other costs still apply. This explains why taxes and other expenses are not paid to Texas specifically despite the large jackpot amount.
The next Mega Millions draw is scheduled for Friday, offering another chance for someone to strike it rich. Whichever game you choose, remember to check your tickets and keep dreaming!
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