Topline
The Powerball jackpot soared to $501 million after no winners were drawn Saturday, but a lucky winner will face federal and state taxes on their winnings.
No tickets were sold matching Saturday’s numbers (7, 14, 23, 24, 60, and Powerball number 14), pushing the jackpot over $500 million, now the second-biggest lottery prize of the year.
A Powerball winner in the next drawing would have the option to receive the $501 million jackpot spread out in 30 payments over 29 years, or take a lump sum of $229.5 million—the more popular option.
A federal withholding tax is applied to the winnings, bringing the jackpot down to $380.7 million and the cash lump sum down to $174.4 million.
A 37% marginal tax rate for the highest income bracket would bring the lump sum down to $144.6 million.
If winners take the full jackpot, their $16.7 million annual payments could bump them into the highest income tax bracket with a 37% marginal rate, bringing their annual payments down to about $10.5 million.
Winners also have to pay state taxes on jackpots—New York levies the highest tax rate on lottery winners at 10.9%, while some states like Texas and California do not tax lottery winnings at all.
The next drawing is scheduled for Monday night, Aug. 11 at 10:59 p.m. EDT. If no tickets are sold with the winning numbers, the next drawings take place Wednesday and Saturday. The jackpot grows every time no winner is selected.
Powerball tickets start at $2. A winning ticket matches all five numbers drawn on white balls (between 1 and 69) and the Powerball number on a red ball (between 1 and 26). The odds for winning a jackpot are 1 in 292.2 million, while the odds for winning the $1 million prize (matching all five numbers without the red Powerball number) are 1 in 11.6 million.
$1.326 billion. That was the biggest Powerball jackpot in 2024, which was won by Cheng “Charlie” Saephan, a cancer patient in Oregon. Like most winners, Saephan chose to take the lump sum and received $422.3 million in cash.