Powerball fever is kicking into high gear, with only a few hours left before tonight’s historic drawing. Why are so many people around the country so incredibly excited?
It’s because the Powerball jackpot currently stands at $1.5 billion. This is an absolutely historic number. The cash value is $930 million, before taxes. (That’s how much the lottery is worth if you take the lump sum rather than yearly payments.) The number is likely to increase even more before the final drawing tonight at 10:59 pm Eastern/9:59 pm Central.
Other Amounts You Could Win
If you match 5 white balls and not the Powerball, you’ll get $1 million. If you match four balls + the Powerball, you’ll get $50,000. Four balls without the Powerball, and you’ll bring home $100. You’ll also bring home $100 if you match three balls and the Powerball. Wins decrease drastically after that. You’ll only get $7 if you match three balls or if you match two balls plus the Powerball. One ball and the Powerball will bring you $4. Matching only the Powerball wins you $4 too, according to ABC News.
How Much You’ll Take Home After Taxes
By the way, you won’t be actually taking home $1.5 billion if you win, thanks to taxes. The IRS taxes the top income bracket at 39.6 percent. First, the government will keep 25 percent of your winning before you can take anything home, CNN reported. You’ll have to pay the rest at tax time. In addition, if your state has an income tax, you’ll have to pay taxes on that too.
So consider that you live in New York, where the state tax is 8.82 percent and you opt for the lump sum. According to CNN, you’ll bring home about $577 million of the $1.5 billion winning.
If no one wins tonight, the next drawing could be worth $2 billion or more.