The amount is now the second-biggest lottery jackpot of the year so far.
Topline
The Powerball jackpot climbed to $1.4 billion—the fifth largest in U.S. history—after no tickets matched all six numbers drawn on Wednesday night, although the winner will end up with a much smaller amount after paying their tax bill.Key Facts
If a winner emerges in the next draw, they can choose between a $1.4 billion payout spread over 30 annual installments or a lump sum amount of $643.7 million—usually the more popular choice.
The lump sum payout will drop to $489.2 million after a mandatory federal tax withholding of 24%.
Depending on their taxable income for the year, the winner could face a federal marginal rate of up to 37%, further slashing the amount to $405.
