Powerball Jackpot Rises To $416 Million—Here’s What The Winner Could Take Home After Taxes

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 paying their taxes.

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 to take place later on 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.