Powerball Jackpot Hits $1 Billion: After-Tax Payouts and Tax Implications
The Powerball jackpot has soared to $1 billion, making it the sixth-largest in the game’s history. This follows 39 drawings without a winner, and the last $1 billion prize was claimed in April 2024. Players must match all six numbers, with odds of 1 in 292,201,338, to win the grand prize. Winners can choose between an annuity paid over 30 years or a lump-sum cash option, both subject to federal and, in most cases, state income taxes.
John Q. Hosedrinker