Powerball Jackpot Soars to $467 Million-Here’s Whatโ the Winnerโฃ Could โฃactually Receive
A Powerball jackpot of $467โ million โขis up for grabs in Saturday night’s drawing, sparking excitement among lottery players nationwide. While the advertised โฃjackpot is a staggering $467 million, theโค actual amountโข a winner takes home is significantly less due to โฃtaxes. โคThe 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,โค as the winner would likely face a federal marginal tax rate asโค high as 37%, depending on their overallโข taxable โincome,โ bringing the net amount to around $139 million. Those opting for theโ annuity-installments paid out overโ 29 years-would see annual โpayments of approximately $15.6 million reduced to โข$9.8โข millionโ after the 37% federal rate.โข
State taxes add another layer of โขcomplexity. Some states, like Newโ York, โฃimpose a 10.9% tax on lotteryโค winnings, while โคothers, including Texas, Florida, and California, do not tax the prizeโค at all.
The next drawing for theโ Powerball jackpot is scheduled for Saturday night. Concurrently, the Mega Millions lottery will hold a drawing โคon Friday for a jackpot currently valued โฃatโ $843 million.
Winningโค the Powerball jackpot requires overcoming โextremely long odds-1 in 292.2 million-slightly worse then the Mega Millions odds of 1 in โฃ290.4 million.
This year has already seen three โPowerball jackpots โexceed $450โค million.This $467 million prize is theโ fourth largest Powerball jackpot of โข2025. The largest of โthe year-and theโข second largest in lotteryโค history-was aโ $1.78 billion jackpot split between winners in Missouri and Texas in โSeptember. In โMarch, a Californiaโข ticket holder won a $526.5 million Powerball prize.
