Powerball Jackpot Soars to $467 Million-Here’s What the Winner Could actually Receive
A Powerball jackpot of $467 million is up for grabs in Saturday night’s drawing, sparking excitement among lottery players nationwide. While the advertised jackpot is a staggering $467 million, the actual amount a winner takes home is significantly less due to taxes. The preferred option for most winners is a one-time cash payout of $220.7 million.
Choosing the cash prize immediately reduces the winnings to $167.7 million after a mandatory 24% federal withholding. Further reductions are likely, as the winner would likely face a federal marginal tax rate as high as 37%, depending on their overall taxable income, bringing the net amount to around $139 million. Those opting for the annuity-installments paid out over 29 years-would see annual payments of approximately $15.6 million reduced to $9.8 million after the 37% federal rate.
State taxes add another layer of complexity. Some states, like New York, impose a 10.9% tax on lottery winnings, while others, including Texas, Florida, and California, do not tax the prize at all.
The next drawing for the Powerball jackpot is scheduled for Saturday night. Concurrently, the Mega Millions lottery will hold a drawing on Friday for a jackpot currently valued at $843 million.
Winning the Powerball jackpot requires overcoming extremely long odds-1 in 292.2 million-slightly worse then the Mega Millions odds of 1 in 290.4 million.
This year has already seen three Powerball jackpots exceed $450 million.This $467 million prize is the fourth largest Powerball jackpot of 2025. The largest of the year-and the second largest in lottery history-was a $1.78 billion jackpot split between winners in Missouri and Texas in September. In March, a California ticket holder won a $526.5 million Powerball prize.