Topline
The Powerball jackpot rose to $820 million—the third biggest lottery prize of the year so far—after no tickets matched all six numbers drawn on Wednesday night, although the eventual winner will take home a much smaller amount after taxes and deductions.
Key Facts
The six numbers drawn on Wednesday night were 1, 14, 20, 46, 51 and Red Powerball 26.
If a winner emerges in the next draw, they can choose between receiving the $820 million prize split over 30 annual installments or a lump-sum cash payout of $383.5 million—the popular choice among most winners.
If the cash payout is chosen, the winnings will first drop to around $291.5 million after a mandatory federal withholding of 24% is applied.
The winner would likely face a federal marginal rate as high as 37%, depending on their taxable income, further reducing the winnings to around $241.6 million.
Depending on their state of residence, the winner could face additional taxes, as some states, such as New York, tax lottery winnings at 10.9%, while others, such as Texas, Florida, and California, don’t.
What To Watch For
The next Powerball jackpot draw is set to take place on Saturday night.
