The latest Powerball drawing has produced no winners, pushing the jackpot to a record-breaking $605 million. The current jackpot amount is not subject to taxes, but if a winner chooses the lump cash sum option, they will receive approximately $207.8 million after accounting for federal and state taxes.
A winner’s decision on whether to take the full jackpot of $605 million spread over 30 annualized payments or a lump cash sum of $273.4 million is imminent. However, if they opt for the lump sum, the winnings will be reduced by 24% due to automatic federal withholding tax, bringing the total down to $207.8 million.
States and territories have varying tax rates on lottery winnings, with some like New York (10.9%), Washington, D.C. (8.5%), and Maryland (8.75%) applying a higher rate than others, such as California, Texas, and Delaware, which do not charge additional taxes.
The next Powerball drawing is scheduled for Monday at 10:59 p.m. EDT, where the jackpot will grow larger if no winner is selected. The odds of winning the Powerball jackpot stand at approximately 1 in 292.2 million.
Source: https://www.forbes.com/sites/zacharyfolk/2025/08/17/powerball-rises-above-600-million-heres-what-the-winner-could-take-home-after-taxes