Powerball winnings after taxes: How much a $960M jackpot winner would actually take home in Texas
Saturday night's Powerball jackpot has increased to an estimated $960 million dollars and plenty of people are rushing to get tickets.
That's the fourth-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 $960 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.
If there is a single winner of the $960 million jackpot, those who pick the cash option will receive an estimated $441.4 million.
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Then there are the taxes. The IRS immediately takes 24% of all lottery winnings over $5,000, dropping the total to approximately $335,464,000 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 Saturday's drawing, this Monday's drawing will be worth an estimated $1.04 billion, according to the Texas Lottery.