Powerball winnings after taxes: How much the winner could actually take home in Texas
Wednesday night's Powerball jackpot has increased to an estimated $750 million dollars and plenty of people are rushing to get tickets.
That's the sixth-largest Powerball jackpot in the history of the game, but if you beat the odds and match all six numbers you will take home much less than $750 million (not that you'd complain).
Winners can choose to have their prize money paid out in 30 payments over 29 years, or in a lump sum.
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If there is a single winner of the $750 million jackpot, those who pick the cash option will receive an estimated $378.8 million.
Then there are the taxes. The IRS immediately takes 24% of all lottery winnings over $5,000, dropping the total to approximately $287,888,000 for a winner choosing the lump sum.
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The winner will also likely owe more when they file their 2023 federal income taxes.
Texas is one of 10 states that does not tax lottery winnings at the state level.
If there is no jackpot winner in tonight's drawing, this Saturday's drawing will be worth an estimated $875 million.