Powerball's $1.6 billion jackpot is its fourth largest ever—here's the after-tax payout in every U.S. state
Powerball's jackpot has grown to the fourth largest ever in U.S. lottery history.
TL;DR
- The Powerball jackpot is $1.6 billion, with the drawing scheduled for Monday at 10:59 p.m. ET.
- This prize is the fourth largest in Powerball history and the fifth largest U.S. lottery jackpot.
- Winners can choose between a $1.6 billion annuity or a $735.3 million lump-sum payment before taxes.
- Federal taxes will automatically withhold 24%, and winners will likely face a 37% marginal tax rate.
- State taxes vary, with eight states offering tax-free lottery winnings.