Topline
The Powerball jackpot rose to $416 million—the biggest of the year so far—after no tickets matched all six numbers drawn on Monday night, although the eventual winner will likely take home a much smaller payout after taxes.
Powerball jackpot prize crossed $400 million for the first time this year.
Key Facts
The six numbers drawn on Monday night were 511, 18, 23, 38, 60 and red Powerball 9.
If a winner emerges in the next draw, they can choose between receiving the $416 million spread over 30 annualized payments or a one-time lump sum cash payout of $194.1 million—usually the popular choice.
If the cash payout is chosen, the winnings will drop to $147.5 million after a mandatory federal withholding of 24% is applied.
The winner could then face a federal marginal rate as high as 37%, depending on their taxable income, further slashing their winnings to $122.3 million.
If the winner picks the installment route, their annual payments of around $13.87 million would drop to $8.74 million, if the 37% federal marginal rate is applied.
The winner may also face additional taxes from their state of residence, as some states like New York tax lottery winnings at 10.9% while others, like Texas, Florida, and California, don’t.
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What To Watch For
The next drawing for the Mega Millions jackpot prize is set for Tuesday evening. A jackpot prize of $301 million is at stake in the draw, with a lump sum cash option of $139.5 million—making it the biggest Mega Millions prize of the year so far.
Big Number
1-in-292.2 million. Those are the astronomical odds a Powerball ticket buyer has to overcome to win the jackpot. This is slightly better than the Mega Millions jackpot, which has even more abysmal winning odds of 1-in-302.6 million.
Key Background
The biggest lottery prize of the year so far was a Powerball jackpot of $328.5 million, won by a ticket buyer from Oregon. An Oregon resident was also the winner of the biggest lottery prize last year—a Powerball jackpot worth $1.326 billion. The winner was later identified as Cheng “Charlie” Saephan, a Portland resident undergoing chemotherapy treatment for cancer. The second and third biggest prizes of 2024 were both Mega Millions jackpot prizes worth $1.13 billion and $1.27 billion, respectively.
Further Reading
$1.3 Billion Powerball Jackpot Winner Is An Immigrant From Laos Battling Cancer (Forbes)
Mega Millions Jackpot Reaches $944 Million For Christmas Eve Drawing—Here’s How Much The Winner Could Take Home After Taxes (Forbes)
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