Powerball Jackpot Hits $593 Million—Here’s What The Winner Could Take Home

Topline

The Powerball jackpot rose to $593 million—the third biggest lottery prize of the year so far—after no tickets matched all six numbers drawn on Monday night, although the eventual winner will take home a much smaller payout after taxes and deductions.

The Powerball jackpot $593 million after Tuesday’s drawing.

Key Facts

The six numbers drawn on Monday night were 7, 33, 50, 57, 66 and Red Powerball 23.

If a winner emerges in the next draw, they can choose between taking the $593 million prize spread over 30 annual installments or a one-time lump sum payment of $277.6 million—the preferred choice for most winners.

If the cash payout is picked, the winnings will first drop to around $211 million after a mandatory federal withholding of 24% is applied.

The winner would likely face a federal marginal rate as high as 37%, depending on their taxable income, further reducing the winnings to around $175 million.

If the installments route is chosen, the winner’s annual payments of around $19.8 million would fall to $12.5 million after the 37% federal marginal rate is applied.

Depending on their home state, the winner could face additional taxes, as some states, such as New York, tax lottery winnings at 10.9%, while others, such as Texas, Florida, and California, don’t.