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.
NurPhoto via Getty ImagesKey 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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