BUSINESS

You Could Win $1.3 Billion—But Will Taxes Steal It?

▪

Read, Watch or Listen

You Could Win $1.3 Billion—But Will Taxes Steal It?

The Powerball jackpot soared to $1.3 billion after Monday's drawing yielded no winners. The next drawing is Wednesday. If no one wins, the jackpot could surpass the year's high. A winner can choose a $1.3 billion annuity or a $589 million lump sum. However, taxes will significantly reduce the final amount, potentially down to around $371 million after federal and state taxes. The odds of winning are 1 in 292.2 million.

Prepared by Christopher Adams and reviewed by editorial team.