Topline
The Powerball jackpot climbed to $570 million after no winners were drawn on Saturday night, but the eventual winner will take home substantially less after taxes.
The Powerball lottery continued climbing after a lucky winner in Georgia won the Mega Millions jackpot valued at $980 million on Friday.
AFP via Getty Images
Key Facts
No tickets were sold matching all six winning numbers (6, 7, 12, 47, 53 and Powerball number 21) on Saturday, so the jackpot grew again before the next drawing on Monday night.
If a ticket is sold matching all numbers, the winner will choose between receiving $570 million paid out in 30 annualized installments, or taking a lump sum payout of $266.9 million immediately.
If the winner takes the lump sum, the much more popular option, they would immediately face a 24% federal withholding tax, which would cut their payout down to $202.8 million.
They would also likely face the highest federal marginal tax rate of 37%, which would further cut their winnings down to $168.1 million.
If the winner instead picks the annuity, they would receive yearly payments worth an average of $12 million each year after federal taxes are applied.
Winners also have to pay state taxes on their prizes, which range from 0% in states including California, Texas and Nevada to a high of 10.9% in New York.
What To Watch For
The next Powerball drawing is scheduled for Monday night at 10:59 p.m. EST, and is streamed live on Powerball’s website. If no ticket matches all six numbers again on Monday night, the next drawing will take place on Wednesday.
Read More
Source: https://www.forbes.com/sites/zacharyfolk/2025/11/16/powerball-jackpot-climbs-to-570-million-heres-what-the-winner-could-take-home-after-taxes/
