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Powerball’s Jackpot Reaches $1 Billion — the Third-Highest Ever Jackpot

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Powerball's Jackpot Reaches $1 Billion — the Third-Highest Ever Jackpot

(CTN News) – The Powerball jackpot has reached an impressive $1 billion, making it the third-highest recorded. However, the amount that winners will receive can vary by hundreds of millions of dollars based on their chosen payout option and the tax policies in their state.

The upcoming Powerball draw is scheduled for Wednesday at 10:59 p.m. ET, offering two payout choices: the full jackpot amount distributed over 30 years as annual payments or slightly over half that sum as an immediate lump sum payment.

Powerball Winning Numbers For July 17, 2023

Here are The Powerball Winning Numbers For July 17:

5 – 8 – 9 – 17 – 41 and Powerball 21

Powerplay was 4x

The Powerball jackpot for Monday Drawing, July 17, Jackpot has a $900 Million Jackpot, with a cash option of $465.1 Millionaccording to the Powerball website.

Every winner is subject to a mandatory 24% federal withholding tax on their winnings, classified as income. Additionally, they will likely owe an extra 13% in federal taxes when filing their tax returns, as the substantial winnings will place them in the top tax bracket of 37%.

Furthermore, state income taxes come into play, ranging from 2.9% to 10.9%, depending on the winner’s residence.

Nevertheless, it’s worth noting that some states, including California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming, do not levy income tax on lottery winnings. Conversely, five states do not participate in the Powerball lottery: Alabama, Alaska, Hawaii, Nevada, and Utah.

Considering a top federal tax rate of 37%, let’s explore the after-tax amount winners would take home in each state and Washington, D.C., if they were to secure the $1 billion jackpot for both the lump sum and annuity options, as per data from usamega.com.

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