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.
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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.
What To Watch For
The next Powerball jackpot draw is set to take place on Wednesday night.