Powerball jackpot climbs to $674 million: what the cash prize could look like after taxes

Nobody matched all six numbers in Wednesday night’s Powerball drawing, so the jackpot keeps growing. The estimated prize for Saturday, Oct. 24, is now $674 million, with a cash option of $283.9 million before taxes, according to CBS12 and FOX 35 Orlando, citing lottery officials. That gap between the headline number and the cash value, and then the bite taxes take out of it, is what has many would-be winners doing math today.

This article is general information, not financial or tax advice. A real winner should talk to a tax professional and a financial advisor before claiming a prize.

Did anyone win the Powerball last night?

No one won the jackpot in the Wednesday, Oct. 21 drawing. The winning numbers were 1, 21, 44, 50 and 57, with a Powerball of 5 and a 2X Power Play, CBS12 and FOX 35 reported. That drawing’s jackpot had been estimated at $635 million.

There were still some big winners. Two tickets, sold in Ohio and Pennsylvania, matched all five white balls and had the Power Play, which made them worth $2 million each. A ticket sold in New Jersey matched five numbers without the Power Play and won $1 million, according to the official Powerball results.

How big is the Powerball jackpot now?

The advertised jackpot for Saturday is an estimated $674 million. FOX 35 reported that no one has hit the jackpot since Aug. 12, when a ticket worth an estimated $1.04 billion was sold in Illinois, so the prize has been rolling over for more than two months.

At $674 million, it would not crack Powerball’s all-time top 10. CBS12 noted that the 10th-largest prize was $768.4 million, won in Wisconsin in 2019, and the record is still the $2.04 billion jackpot won in California in November 2022.

Cash option vs. annuity: what’s the difference?

The $674 million figure is the annuity value: what a winner would collect through 30 graduated payments over the years, according to CBS12. A winner who wants the money up front takes the lump-sum cash option, which for Saturday’s drawing is estimated at $283.9 million before taxes.

That’s why the cash prize is far smaller than the headline: the advertised jackpot assumes the money is paid out over decades.

What is the Powerball cash prize after taxes?

Here is a rough, simplified estimate for a single winner who takes the cash option. These figures are our own arithmetic, not official numbers, and a real tax bill depends on the winner’s full situation:

• Cash option before taxes: about $283.9 million.
• Federal withholding at claim: U.S. law generally requires the lottery to withhold 24% of large prizes for federal taxes. On $283.9 million, that’s roughly $68.1 million, leaving about $215.8 million at the time the prize is paid.
• Final federal tax: a prize this size puts the winner in the top federal income tax bracket of 37%, so more is usually owed at tax time. Taxing the whole lump sum at 37% would leave roughly $179 million.
• State and local taxes: these vary widely. Some states don’t tax lottery winnings, while others take a meaningful extra share, and a few cities add their own tax on top.

In other words, a $674 million headline jackpot could translate into something closer to $179 million or less for a lone winner who takes the lump sum, before any state tax. If several tickets share the jackpot, each one splits the prize.

When is the next Powerball drawing?

The next drawing is Saturday, Oct. 24, at 10:59 p.m. ET. Powerball drawings are held on Mondays, Wednesdays and Saturdays, and the drawing is streamed live on the Powerball website, FOX 35 reported.

How to play, and the odds

Tickets cost $2 per play and are sold in 45 states, Washington, D.C., Puerto Rico and the U.S. Virgin Islands. The odds of winning the jackpot are 1 in 292.2 million, according to lottery officials cited by FOX 35.

FAQ

What were the Powerball numbers on Oct. 21, 2026? 1, 21, 44, 50 and 57, with a Powerball of 5 and a 2X Power Play.

How much is the Powerball cash option? About $283.9 million before taxes for Saturday’s estimated $674 million jackpot.

Do lottery winners pay taxes right away? The lottery generally withholds 24% for federal taxes when a big prize is paid, but winners in the top bracket typically owe more when they file. State rules differ.

Where were the big winning tickets sold Wednesday? The $2 million tickets were sold in Ohio and Pennsylvania, and the $1 million ticket in New Jersey.