Powerball Jackpot Soars to $1.1 Billion, Drawing Tonight for Massive Labor Day Prize

The Powerball jackpot has surged to an estimated $1.1 billion for tonight’s Labor Day drawing, marking it as this year’s largest lottery prize and the fifth-largest in Powerball history. A single lucky winner, facing astronomical odds of one-in-292.2 million, could claim a life-changing sum, though the final take-home amount will be significantly reduced after taxes.

For those holding a winning ticket matching all five white balls and the red Powerball, the choice will be between 30 annualized payments or a one-time cash lump sum. The cash option, estimated at $498.4 million, would be reduced to approximately $378.7 million after a mandatory 24% federal tax withholding. Depending on the winner’s taxable income, a federal marginal rate as high as 37% could further decrease the winnings to around $313.9 million. State taxes may also apply in some jurisdictions.

While tonight’s Powerball drawing captures national attention, the Mega Millions jackpot is also growing, with its next drawing for an estimated $302 million scheduled for Tuesday. The cash option for Mega Millions stands at $136 million, which would be reduced to about $103.3 million after federal taxes.

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