How much is the powerball jackpot this week

Powerball sign and lottery tickets are seen at a 7-Eleven store in Milpitas, California, on Nov. 7, 2022.

Tayfun Coskun | Anadolu Agency | Getty Images

The drawing for a record Powerball jackpot topping $2.04 billion was held Tuesday morning after a delay because of issues with just one state processing ticket sales. The headline prize climbed beyond its earlier $1.9 billion estimate.

The winning numbers were white balls 10, 33, 41, 47, 56 and red Powerball 10. The Power Play multiplier was 2X.

The drawing at the Florida Lottery studio in Tallahassee, at 8:57 a.m. ET, came after a delay of more than 10 hours. 

More from Personal Finance:

Here's the tax bill for whoever wins next Powerball
When lottery annuities can be better than lump sums
Free returns at retailers may soon be a thing of the past

Powerball's latest drawing had been scheduled for late Monday night. But that was delayed because of the problems in a single state, which was not identified by the Multi-State Lottery Association.

In a statement Tuesday morning before the draw occurred, the association said, "Currently, one participating lottery is still processing its sales and play data."

"Powerball requires all 48 participating lotteries to submit their sales and play data prior to the winning numbers being selected. Once Powerball receives the outstanding submission, the drawing can proceed," the group said.

"Due to the length of the draw delay, it is likely that we will not know the official results of the Powerball drawing until Tuesday morning," the statement said.

VIDEO2:1802:18

How much will a New Yorker take home if they win the $1.9 billion Powerball jackpot? Not nearly that much

The Exchange

"Players should hold onto their tickets."

Meanwhile, the official Powerball website had featured the notice: "Results Pending."

If someone won the drawing, the cash payout of the jackpot — the largest ever in lottery history — the cash payout would top $929 million before taxes.

The last winning ticket in a Powerball drawing was Aug. 3, for a jackpot of nearly $207 million. There have been three drawings per week since then.

It's a new year and the first Powerball drawings of January 2023 have arrived. No one has won the jackpot since November, and the Powerball lottery payout is climbing again. (And, the Mega Millions jackpot is nearing $1 billion...more news on that Friday, January 6 drawing below).

Last year was definitely a wild year for the Powerball lottery. In November, a single winning Powerball ticket, sold at a gas station in Altadena California, won the World Record $2.04 billion Powerball lottery jackpot. That means that some lucky ticket holder won the largest jackpot in Powerball history and the largest jackpot in U.S. lottery history. And then a couple of weeks later, a Kansas ticket holder won a $92.9 million Powerball jackpot. But of course, due to taxes, those Powerball winners (who have yet to be revealed) will take home a lot less money than advertised.

The odds of winning the World Record Powerball jackpot were about one in 292.2 million. But lottery officials point out that the Powerball jackpot was hit seven times in 2022.

Subscribe to Kiplinger’s Personal Finance

Be a smarter, better informed investor.

Save up to 74%

Sign up for Kiplinger’s Free E-Newsletters

Profit and prosper with the best of Kiplinger’s expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.

Profit and prosper with the best of Kiplinger’s expert advice - straight to your e-mail.

Sign up

So, that (and the current rising payout) always has a lot of people thinking about how much money a lucky multi-million-dollar Powerball jackpot winner will take home—after taxes.

Powerball Winning Numbers: Did Anyone Win the Powerball Jackpot?

Winning the Powerball lottery jackpot requires a ticket holder to match six numbers from the Powerball drawing. Powerball drawing days are every Monday, Wednesday, and Saturday at 10:59 p.m. ET.

The winning numbers from the last Powerball drawing can be found on Powerball's website. When no one matches all six numbers from a drawing, the Powerball rolls and the jackpot amount climbs. 

At last check, the estimated Powerball lottery jackpot was nearing $325 million.

Before the $2.04 billion jackpot in November, the previous Powerball jackpot record was $1.586 billion, which was won by three ticket holders in 2016. The largest Mega Millions lottery jackpot to date, of $1.537 billion, was won by a sole winner in 2018. 

What is the Powerball Payout?

The advertised cash value of the Powerball lottery changes with each drawing. 

For example, the Saturday, January 7 Powerball payout stands at an estimated $325 million.

Powerball Lump Sum Payout or Annuity?

If anyone wins the Powerball lottery jackpot, or another lottery prize, they can choose to receive the payout in one of two ways. They can receive the payout as an annuity, which would be paid in thirty graduated payments over twenty-nine years, or they can receive the Powerball money in a lump sum payment. Most lottery winners choose the lump sum payout.

In either case, while $2.04 billion (as in the case of the World Record Powerball jackpot) is a bunch of money and $997.6 million is a lot of cash for the lump sum for that multi-billion-dollar jackpot, any lucky Powerball lottery winner will also be looking at significant tax bills.

Seven Things You Should Know About Winning a Lottery Jackpot

One of those tax bills will be from the federal government and, depending on where a Powerball winner lives, another could come from the state. The exact amount of tax that a winner will have to pay will depend on factors including the payout option that the winner chooses and the applicable state tax rate. 

That’s because some states don’t tax lottery winnings. Other states that do have tax rates for lottery winnings that generally range from about 3% to almost 11%. For example, California is a state that doesn’t tax lottery winnings, so the $2.04 billion  California winner would only be looking at a massive federal tax bill.

But in any case, once applicable taxes are taken out, the amount of money that any winner of the Powerball jackpot would walk away with will be a lot less than the multi-millions that are splashed across lottery news headlines.

How Much Do You Pay in Taxes on Powerball?

If you’re the lucky winner of a massive Powerball jackpot (or if you win other lottery cash prizes from a Powerball or Mega Millions drawing), you will want to take a couple of deep breaths and secure and protect your winning ticket. Then, you will likely want to work with a qualified financial advisor to consider and plan for the various tax implications of winning the lottery. 

8 Tax Tips for Gambling Winnings and Losses

That's because when anyone wins the lottery, the IRS withholds 24% of the winnings off the top. With the $2.04 billion Powerball jackpot, if the winner opted for the lump sum cash value of $997.6 million, they would be subject to federal income tax at the top tax rate, which is 37%. (So after the 24% off the top, that another 13% for some winners in remaining federal taxes). 

For 2022, the top (i.e., 37%) federal income tax bracket applies to single filers who have more than $539,900 in income and joint filers with income over $647,850. Due to inflation, the federal income tax brackets for 2023 have been adjusted upward.

On the state side of things, most states treat lottery winnings as income for tax purposes and the tax rates vary by state. But the jackpot winner’s state taxes could still amount to a huge sum given the size of the Powerball lottery jackpot.

Powerball Drawing Days

Powerball drawing days are every Monday, Wednesday, and Saturday at 10:59 p.m. ET. Tickets are $2 per play. Powerball tickets are sold in 45 states, and the District of Columbia, Puerto Rico and the U.S. Virgin Islands.

The five states that don’t participate in Powerball are Alabama, Alaska, Hawaii, Nevada, and Utah.

Mega Millions News: Mega Millions Jackpot Nears $1 Billion

…And while the Powerball jackpot is climbing, you may have heard that the Mega Millions lottery jackpot has reached an estimated $940 million. That’s a cash payout of a little over $483 million if a lucky Mega Millions winner opts for the lump sum payout.

But as is the case with any massive lottery win, winning a $940 million Mega Millions jackpot means that you’ll pay a sizeable amount in federal taxes.

How much is the South African Powerball?

What is the highest jackpot Powerball?

How much is Ohio's Powerball?

How much is Maryland's Powerball?