Topline
The Powerball jackpot climbed to $905 million after no winning tickets were sold for Saturday night’s drawing, although an eventual winner would take home much less after taxes.
The next Powerball drawing for the massive prize will take place on Monday night.
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Key Facts
No Powerball tickets were sold matching the numbers drawn on Saturday night (5, 9, 35, 54, 63 and Powerball number 7), meaning the jackpot will grow again before the next drawing.
If a winner is chosen during Monday night’s drawing, they will be given the option of receiving the full jackpot in 30 annual payments or a lump sum of $391.9 million.
If the winner chooses the lump sum, the more popular option, they will face a 24% federal withholding tax, bringing their winnings down to about $297.8 million.
They will then likely be placed in the highest federal tax bracket, meaning they will face a 37% marginal tax rate—bringing the prize down to about $246.8 million.
If the winner instead takes the annuity, they will receive their prize divided into 30 payments over the next 29 years, which grow by 5% each year, for roughly $570 million after federal taxes.
Some states also tax lottery winnings, which can reach as high as 10.9% in New York—although some states, including California, Texas and Florida, don’t levy taxes on lottery winnings at all.
What to Watch For
The next Powerball drawing is scheduled for Monday night at 10:59 p.m. EDT. Players can watch the drawings live on Powerball’s website or YouTube channel.
Big Number
One in 292.2 million. Those are the odds for winning the Powerball jackpot, according to the lottery. Winning involves correctly selecting the five numbers drawn on white balls (between 1 and 69), as well as the correct number drawn on the red Powerball (between 1 and 26).
Surprising Fact
Although no players correctly chose all five white balls and the Powerball, several correctly matched the five white balls, fetching a $1 million prize. These included one player in Florida, one in Arizona, one in Michigan and one in New York. Another player in Texas correctly selected all five numbers and purchased the Power Play option, doubling their prize to $2 million. The odds for winning this prize are also staggering—about one in 11.6 million, according to Powerball.