The Powerball jackpot has soared to an estimated $1.04 billion after no tickets matched all six numbers in Saturday night’s drawing.
Saturday night’s drawing produced white balls 19, 30, 37, 44 and 46 and red Powerball 22.
The $1.04 billion prize – an estimated $478.2 million in cash value – is the second-largest jackpot this year, topped only by a $1.08 billion prize won on July 19 by a ticketholder in California.
The taxes are not included in that figure. That’s the actual prize pool money they’d have on hand in case of a win. The advertised jackpot is an estimate of an annuity paid off investing that prize pool in securities over the course of 30 years
The lottery will withhold 24% for federal income tax – but you’d likely owe more as the vast majority of that income will wind up taxed at 37%. Then there’s also state income taxes in most places.
If I win this jackpot and take the lump sum it would break down something like:
$478,200,000 -$33,474,000 (7% state tax) -$176,898,427 (37% federal tax) = $267,827,573 (total after tax)