Powerball jackpot swells to $650 million

Personal Finance

The Powerball jackpot is now $650 million, after Saturday’s drawing failed to yield a winner for the top prize.

The next Powerball drawing is at 10:59 p.m. ET on Wednesday. If the prize amount doesn’t go up before then, the $650 million Powerball jackpot would be the second largest in the game’s history, and the third largest in U.S. lottery history.

(It would be just $6 million shy of the current second largest jackpot in U.S. lottery history, a $656 million Mega Millions jackpot. That prize, awarded to three winners in March 2012, was the largest in Mega Millions history.)

The most recent big Powerball win was a $447.8 million jackpot awarded earlier this summer to a single winner in California.

Of course, the odds of winning are slim (see graphic below), and if you are lucky enough to pick the winning combo, you won’t walk away with the full amount.

Lottery site USAMega.com estimates the federal tax withholding on the $411.7 million lump sum would be roughly $102.9 million, and state taxes could knock out up to another $36.3 million (with New York the worst offender). Those figures are just the amounts withheld up front; your final tax burden is likely to be even higher.

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