Powerball winnings after taxes: How much a $1.55B jackpot winner would actually take home in Texas

Monday night's Powerball jackpot has increased to an estimated $1.55 billion and plenty of people are rushing to get tickets.

The Texas Lottery says $10,105 worth of tickets are being sold every minute in Texas.

That's the fourth-largest lottery jackpot in the history of the U.S. If you beat the odds and match all six numbers you won't automatically become a billionaire.

Winners can choose to have their prize money paid out in 30 payments over 29 years, or in a lump sum.

If there is a single winner of the $1.55 billion jackpot, those who pick the cash option will receive an estimated $679.8 million.

Then there are the taxes. The IRS immediately takes 24% of all lottery winnings over $5,000, dropping the total to approximately $516,648,000 for a winner choosing the lump sum.

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.

Texas has seen two Powerball Grand Prize winners since joining the game in 2010.

If there is no winner on Monday night, Wednesday's drawing is expected to be worth $1.725 billion.