Monday’s Powerball drawing will be for $461 million, with the jackpot going up after no winner was chosen Saturday night—though anyone who wins that prize will actually take home substantially less cash, given the taxes levied on any winnings.
Powerball play tickets on display at Blue Bird Liquor in Hawthorne, California, on Oct. 10, 2023.
Los Angeles Times via Getty Images
Key Facts
No winner was chosen in Saturday’s drawing, in which the winning numbers were 6, 7, 25, 46 and 57, with 12 as the red Powerball number.
If someone wins Monday’s drawing, they can win $461 million spread out over 30 annualized payments, or do what most winners do and take a lump cash sum, which will be $217.2 million.
A federal mandatory withholding of 24% would be applied to the lump cash sum, which would take the winnings down to about $165 million.
The winnings would then be taxed federally based on the winner’s income, which could bump the tax rate up to as high as 37%—unless the winner substantially reduces their taxable income through something like charitable donations—meaning the final cash prize could come down to less than $137 million.
State taxes could then reduce the amount further, with the tax rate being based on the state where the winner resides—ranging from a high of 10.9% in New York to 0% in states like California, Florida, Hawaii and Wyoming.
Taking the annualized payments would mean the total amount would drop down to as low as $291.5 million after the 37% tax rate is applied, not including any state taxes, which would be spread out across 30 yearly payments that range from $4.4 million to $18 million post-federal tax, according to Lottery USA.
When’s The Next Powerball Drawing?
The next Powerball drawing will take place Monday at 10:59 p.m. EDT. Powerball drawings take place on Mondays, Wednesdays and Saturdays.
Key Background
The $461 million prize would be the biggest awarded so far in 2025, beating the previous high set in February of $328.5 million. That’s still far below the record $2 billion jackpot that a person in California won in 2022, while last year’s biggest winner—an immigrant from Laos undergoing chemotherapy—won $1.33 billion, though he took the lump cash sum.
Big Number
1 in 292.2 million. Those are the average odds of winning the Powerball, according to the lottery organizer.
Further Reading
ForbesPowerball Jackpot Now $416 Million—Here’s What The Winner Could Take Home After TaxesBy Siladitya Ray Forbes$1.3 Billion Powerball Jackpot Winner Is A Cancer Patient Who Looks Forward To Finding ‘A Good Doctor’By Siladitya Ray
