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

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

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 odds of winning the Powerball jackpot are one in 292.2 million, according to official lottery data.

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

Amid a historic run, the Powerball jackpot continues to rise as the Saturday, Sept. 6, pot now stands at a staggering $1.80 billion.

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

The estimated Powerball jackpot has grown to $1.8 billion, the second-largest lottery prize ever in the United States, ahead of the 11 p.m. EDT drawing on Saturday.

Saturday's Powerball jackpot ranks as the second highest in U.S. history, only behind the world record $2.04 billion in 2022.