The Powerball jackpot has soared to a staggering $1.1 billion for the Labor Day drawing, making it the largest lottery prize of the year and the fifth largest in Powerball history. However, after taxes, the winner's actual take-home could be significantly less. A lump-sum payout of around $498.4 million would be reduced to roughly $313.9 million after federal taxes, and state taxes vary widely. The next drawing is Monday night, while Mega Millions offers a $302 million jackpot on Tuesday.

Prepared by Christopher Adams and reviewed by editorial team.