After 45 drawings with no jackpot winner, the Powerball jackpot has climbed to $1.6 billion ahead of Monday night’s drawing at 10:59 p.m. ET.
The jackpot ranks as the fourth largest in Powerball history and the fifth largest among U.S. lottery jackpots, according to the Multi-State Lottery Association, which runs the lottery.
To win the jackpot, a ticketholder must match all six numbers on their ticket. The winner would then choose between an annuitized prize estimated at $1.6 billion or a lump-sum payment estimated at $735.3 million. The annuity option includes one immediate payment followed by 29 annual payments that increase by 5% each year.
Both options are before taxes. Winnings are subject to an automatic 24% federal withholding, but winners can expect to be in the top 37% marginal tax bracket when they file their 2025 return.
State taxes can reduce winnings even further. Eight states — California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming — do not tax lottery winnings at all, while most others levy state taxes of roughly 4% to 6%.
