The Powerball jackpot has grown to $1 billion ahead of Wednesday’s drawing, becoming the largest lottery prize up for grabs this year. The drawing will take place at 10:59 p.m. ET at the Florida Lottery studio in Tallahassee.
Jackpot Details
The $1 billion jackpot is for an annuity option, paid over 30 years. Winners almost always opt for the lump-sum cash prize, which for Powerball would be $433.1 million. The prize is subject to taxes, including an automatic federal withholding of 24% and another 13% in federal taxes when filing the 2026 return.
There are also state taxes in most jurisdictions, ranging from 2.9% to 10.9% depending on the state. However, if the winner lives in California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington, or Wyoming, they won’t pay any state taxes on their winnings.
Odds and Participation
No one has won Powerball’s jackpot since May 2, a stretch of 44 consecutive drawings without anyone matching the game’s six numbers. The odds of winning the top prize are 1 in 292.2 million. Powerball is played in 45 states, plus Washington, D.C., Puerto Rico, the U.S. Virgin Islands, and the United Kingdom.
Original reporting: Dallas TX News (HLL/CB) — read the source article.
