If you beat the odds and win the Powerball jackpot, your winnings shrink significantly after the IRS takes its share.
With no winner for the Powerball jackpot, the prize has jumped to an estimated $650 million ahead of Monday’s drawing. Of course, those winnings will be smaller once the IRS takes its share.
The jackpot jumped to $650 million from $615 million without a winning ticket on Saturday. If you beat the odds, you can now pick between a lump sum of an estimated $328.3 million or annual payments worth $650 million.
Your chances of winning the grand prize are 1 in about 292 million.Roughly $78.8 million goes to the IRS
Before winners see a penny of the multimillion-dollar jackpot, there’s a mandatory 24% federal withholding that goes to the IRS.
