Powerball Jackpot Climbs to $975 Million After Monday Drawing

The Multi-State Lottery Association reported that the Powerball jackpot has risen to an estimated $975 million with a cash value of at least $422.3 million. The increase follows the Monday night drawing, where no ticket matched the winning numbers 6, 37, 54, 55, 64, and Powerball 10.

Prior to Monday, the jackpot stood at $905 million, the eighth-largest in the game's history. During the Saturday drawing, five tickets matched five white balls, resulting in $1 million prizes for winners in Arizona, Florida, Michigan, and New York, and a $2 million prize in Texas. Following the Monday drawing, three tickets matched five numbers, with winners in Tennessee and Maryland receiving $2 million and $1 million respectively, while a California winner received $1,478,686 due to state pari-mutuel laws.

Financial experts have highlighted the tax implications for potential winners. A lump-sum payment is subject to an automatic 24% federal withholding, with top-bracket winners paying an additional 13% upon filing. State taxes vary, ranging from 0% in states like Texas and Florida to 10.9% in New York. Experts and TurboTax advise lottery pool participants to use written contracts to avoid gift taxes or sole responsibility for tax withholdings.