Powerball $975 Million Jackpot? 8th Largest All-Time

Monday night's Powerball drawing came and went without a winner, and the jackpot climbed to $975 million — the biggest prize of the year and now the eighth-largest in the game's history. The numbers drawn were 6, 37, 54, 55, 64, with a red Powerball of 10. Nobody matched all six, so the pot rolls into the next drawing, keeping the streak alive.

That number on the billboard, though, isn't what anyone actually walks away with.

The Real Math Behind the Jackpot

Winners get a choice: collect the full $975 million spread across 30 annual payments, or take a lump sum of $422.3 million upfront. Most people choose cash. It's simpler, and thirty years is a long time to wait on money you'd rather use now.

But that $422.3 million shrinks fast. A mandatory 24% federal withholding drops it to $320.9 million right away. From there, the winner's actual tax bracket takes another bite — potentially the full 37% federal marginal rate — bringing the real take-home closer to $266 million. Choose the annuity instead, and those $32.5 million yearly payments fall to around $20.5 million after taxes.

(Photo by Mario Tama/Getty Images)

What It Means If You're Buying a Ticket in Washington

Where you live matters too. New York taxes lottery winnings an extra 10.9%, while Texas, Florida, and California don't touch it at all. Washington doesn't tax lottery winnings at the state level either, which puts anyone buying a ticket around the Wenatchee Valley in decent shape compared to a winner in Albany or Syracuse.

The next drawing lands Wednesday night. The odds remain what they've always been — 1 in 292.2 million — but somebody's going to end this losing streak eventually. Might as well grab a ticket and let yourself daydream for a couple of days.