Most winners choose the lump sum payout over a 29-year annuity, but hefty taxes and inflation steadily eat away at prize money.

The Powerball jackpot rose to a $1.1 billion jackpot after no tickets matched all six numbers in Saturday's drawing. The next drawing is set for Labor Day.

The Powerball jackpot climbed to a new high of an estimated $1.3 billion for Wednesday night's drawing, after no winner came forward on Labor Day.

Most winners choose the lump sum payout over a 29-year annuity, but hefty taxes and inflation steadily eat away at prize money.

The jackpot prize for Wednesday night's Powerball draw is the sixth-largest U.S. lottery jackpot of all time.

Wednesday night's Powerball drawing has an estimated jackpot of $1.4 billion, but the actual amount a winner collects depends on factors including state taxes.

The jackpot has soared to $1.7 billion after 42 straight drawings without a winner.

The Powerball jackpot soared to an estimated $1.8 billion on Friday. Here's what the winner can expect to pay in taxes.