The one-time payout value of the two jackpots correspondingly totaled $525.4 million as of Thursday, consisting of $304.8 million from Powerball and $220.6 million from Mega Millions. The Mega Millions jackpot has stood at $427 million since Wednesday, bringing the combined total to $1.017 billion. Powerball’s jackpot has hit an estimated $590 million, a roughly $44 million increase that followed the lottery not drawing numbers on Wednesday resulting in a grand prize-winning ticket. The estimated combined jackpots of the Powerball and Mega Millions lotteries have breached the $1 billion-mark pre-tax ahead of Friday’s drawing for the latter. Powerball jackpot: How to handle becoming a multimillionaire overnight Iowa woman wins lottery 22 years after tornado destroys home It's also worth noting that there are five states that do not participate in the Powerball lottery at all: Alabama, Alaska, Hawaii, Nevada and Utah.Īssuming a top federal tax rate of 37%, here's the after-tax amount you'd take home in each state and Washington, D.C., if you won the $1 billion jackpot, for both the lump sum and annuity option, according to numbers released for $546 M Powerball jackpot

And eight states don't charge income tax on lottery winnings: California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming. Then you have state income taxes, which range from 2.9% to 10.9% depending on which state you live in. However, winners will almost certainly pay another 13% in federal taxes when they file their tax return, as the millions of dollars in winnings will put them in the top tax bracket of 37%.

There are two payout options: The full jackpot amount spread out over 30 years as an annual payment, or just over half that amount as an upfront lump sum payment.Īll winners pay an automatic 24% federal withholding tax on their winnings, which is considered income. Powerball's next draw is Wednesday night at 10:59 p.m.

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