The estimated jackpot for Monday's lottery drawing is $800 million after no one won the $750 million jackpot on Saturday night. The prize comes with a $384.8 million one-time cash payment option. Taxes apply to the winnings, with an automatic withholding tax of 24% and additional federal taxes. State taxes also vary depending on the jurisdiction. The largest lottery jackpot in U.S. history is $2.04 billion, won by a single ticket in California.
For Monday's drawing will be an estimated $800 million after no one won the $750 million jackpot up for grabs Saturday night. Monday's prize will come with a $384.8 million one-time cash payment option. The $800 million, if won, would be paid with 30 payments over 29 years. Most winners choose the cash option.
If you were to win, the prize is subject to taxes, which include an automatic withholding tax of 24% levied against the winnings, and another 13% in federal taxes when you file your 2024 return. There are also state taxes in some jurisdictions, which range from 2.9% to 10.9% depending on the state you live in. But if you're lucky enough to live in California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington or Wyoming, you won't pay income in your winnings. The largest lottery jackpot in U.S. history stands at $2.04 billion and was won by a single Powerball ticket in California on Nov. 7, 202
Lottery Jackpot Drawing Cash Payment Taxes Winnings Powerball California
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