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22h ago

Powerball Jackpot Hits $426 Million After No Winner; Three Tickets Win Million-Dollar Prizes

The advertised $193.5 million lump sum often ends up near $122 million after federal withholding, income taxes, state levies.

Powerball tickets in New Jersey.
A Mega Millions lottery ticket is purchased and printed in the BP on Woodward Avenue in Detroit on Tuesday, Aug. 8, 2023.
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Overview

  • The jackpot grew to $426 million after the Aug. 4 drawing produced no top-prize winner and is set to rise to an estimated $449 million if still unclaimed.
  • Three tickets matched five numbers on Aug. 4, awarding two players $1 million each and one player $2 million with the Power Play multiplier.
  • Winners can choose a 30-year annuity totaling $426 million or a one-time lump sum cash option of $193.5 million.
  • A mandatory 24 percent federal withholding cuts the lump sum to about $147 million, and further federal income and state taxes can reduce net proceeds to around $122 million for top earners.
  • The odds of winning the Powerball jackpot remain a steep 1 in 292.2 million, with state tax rates on lottery winnings ranging from zero in several states to over 10 percent in New York.