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Powerball, Mega Millions jackpots both top $350 million

By dailymail / Published on Thursday, 10 Aug 2017 13:56 PM / No Comments


At $356 million, the Powerball jackpot is the 14th-largest in the game’s history, and the 21st-largest in U.S. lottery. (Cracking the top 10 for Powerball would require the jackpot to exceed the $425.3 million prize the game awarded to a single winner in February 2014.)

Of course, the odds of winning either game are slim (see graphic below), and winning both the Powerball and MegaMillions pools, even more unlikely. An analysis from Allstate’s data science team put the odds of snaring both at roughly 1 in 75 quadrillion.

If you are lucky enough to pick the winning combo for either of this week’s drawings, you won’t walk away with the full amount.

Lottery site USAMega.com estimates the federal tax withholding on the $238.3 million lump sum would be nearly $60 million, and state taxes could knock out up to another $21 million (with New York the worst offender). For the Powerball, those tax tallies for the $224 million cash prize would be $56 million and up to $19.7 million, respectively.

Those figures are just the amounts withheld up front; your final tax burden is likely to be even higher.