This weekend’s Powerball drawing is one for the record books — the $1.8 billion jackpot is now the game’s second-highest prize of all time. (The world record is the $2.04 billion Powerball jackpot, which was won 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.”
Related: Thousands of Lottery Players Were Mistakenly Told They Won Millions
Saturday’s Powerball drawing will be live-streamed on Powerball.com, broadcast live at 10:59 p.m. ET from the Florida Lottery draw studio in Tallahassee. Powerball tickets cost $2 and are sold in 45 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands.
How Much Money Will the Winner Receive?
A 24% federal tax is imposed immediately. Then, since the winner has skyrocketed themselves (if they weren’t there already) into the highest tax bracket (37%), the leftover tax will be paid when filing 2025 taxes.
CNBC notes that many states then add on a 2.5% to 10.9% income tax, though eight states (California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming) don’t tax lottery winnings. In all of the above states, the winner would take home the most money available, with a lump sum of $520,674,980 or an annuity of $1,135,289,400, according to 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)
Related: I Won $28 Million in the Lottery When I Was 21. It Changed Everything.
This weekend’s Powerball drawing is one for the record books — the $1.8 billion jackpot is now the game’s second-highest prize of all time. (The world record is the $2.04 billion Powerball jackpot, which was won 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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