The Powerball jackpot surged to $501 million after Saturday's drawing yielded no winners. The next drawing is Monday night. Winners can opt for a $501 million annuity or a $229.5 million lump sum, both subject to significant federal and state taxes. Federal taxes alone reduce the lump sum to $174.4 million, and state taxes vary. The highest Powerball jackpot this year reached $1.326 billion.

Prepared by Christopher Adams and reviewed by editorial team.