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Fancy a billion-dollar Labor Day prize?
The Powerball jackpot has reached $1.1 billion Monday night after no one won on Saturday.
Winners can opt for an annuity option, which is paid over 30 years. However, winners tend to pick the cash option, which holds a cash value of $498.4 million.
The prize is subject to taxes, which includes an automatic withholding tax of 24% levied against the winnings, and another 13% in federal taxes when you file your 2025 return.
There are also state taxes in some jurisdictions, which range from 2.9% to 10.9% depending on the state you live in. But players in California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington or Wyoming don’t need to worry about such taxes.
No one has won Powerball’s jackpot since May 31, 2025. If Monday does not produce a winner, the next drawing will occur on Wednesday, Sept. 3.
The new prize is now inching into the top 10 of the largest jackpots in the U.S. March 2024’s $1.13 billion Mega Millions jackpot could be surpassed should there be no winner.
November 2022 resulted in the record $2.04 billion jackpot, which was won in Altadena, Calif., by Edwin Castro who didn’t come forward until early 2023.
This story will be updated with the winning numbers…
“The lesson didn’t really go according to plan.” Math professor Nicholas Kapoor bought a Powerball ticket to demonstrate how improbable it is to win the lottery – and then he won $100,000. Here’s what he wants you to know about playing the Powerball.
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NBC Staff
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