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This weekend’s Powerball drawing is one for the history books — the $1.8 billion jackpot now ranks as the second-largest prize in the game’s history. (The record-holder is the $2.04 billion Powerball jackpot, which was claimed in California on Nov. 7, 2022.)
The winning ticket has an estimated cash value of $826.4 million.
“Anticipation is building as players look forward to tomorrow night’s draw for this monumental jackpot,” stated Matt Strawn, Powerball Product Group Chair and CEO of the Iowa Lottery. “We advise everyone to play responsibly and take pride in the fact that every $2 ticket contributes to good causes within their community.”
Saturday’s Powerball draw will be live-streamed on Powerball.com and aired live at 10:59 p.m. ET from the Florida Lottery draw studio in Tallahassee. Powerball tickets are priced at $2 and available in 45 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands.
How Much Money Will the Winner Receive?
An immediate 24% federal tax is applied. Then, as the winner will have catapulted into the highest tax bracket (37%), the remaining tax balance will be due when filing 2025 taxes.
CNBC highlights that many states impose an additional 2.5% to 10.9% income tax, though eight states (California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming) do not tax lottery winnings. In these states, the winner would receive the maximum payout, with options of a lump sum of $520,674,980 or an annuity of $1,135,289,400, based on estimates from USAMega.com and CNBC.
On the opposite end, the states where the winner will receive the least after taxes are:
- New York (lump sum: $430,597,380; annuity: $939,089,400)
- New Jersey and Washington, D.C. (lump sum: $431,836,980; annuity: $941,789,400)
- Oregon (lump sum: $438,861,380; annuity: $957,089,400)
- Minnesota (lump sum: $439,274,580; annuity: $957,989,400)
- Maryland (lump sum: $442,166,980; annuity: $964,289,400)
- Massachusetts (lump sum: $446,298,980; annuity: $973,289,400)
- Vermont (lump sum: $448,364,980; annuity: $977,789,400)
This weekend’s Powerball drawing is one for the history books — the $1.8 billion jackpot now ranks as the second-largest prize in the game’s history. (The record-holder is the $2.04 billion Powerball jackpot, which was claimed in California on Nov. 7, 2022.)
The winning ticket has an estimated cash value of $826.4 million.
“Excitement is building as players look forward to tomorrow night’s drawing for this historic jackpot,” said Matt Strawn, Powerball Product Group Chair and Iowa Lottery CEO, in a statement. “We encourage everyone to play responsibly and take pride in knowing that every $2 ticket also helps support good causes in their community.”
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