Powerball jackpot swells to $700 million

Personal Finance

The Powerball jackpot is now $700 million — the second-largest prize in the game’s history.

Interest is mounting after Saturday’s drawing failed to yield a winner for the top prize. Earlier Tuesday, the Powerball jackpot was $650 million.

The next drawing is at 10:59 p.m. ET on Wednesday. If the prize amount doesn’t go up before then, the $700 million Powerball jackpot would be the second largest in the game’s history, and the second largest in U.S. lottery history.

The top rank, of course, goes to the nearly $1.6 billion Powerball awarded to three winners in January 2016. 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 $443.3 million lump sum would be roughly $110.8 million, and state taxes could knock out up to another $39 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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