The Powerball jackpot has climbed to $600 million after no ticket matched all six numbers in Wednesday night’s drawing. However, the winner could take home significantly less after federal taxes.
The jackpot is now the third-largest lottery prize of 2026, with the next drawing scheduled for Saturday, October 17.
According to Powerball, the winning numbers for Wednesday, October 14, were 3, 34, 37, 42 and 46, with Red Powerball 20.
The eventual winner will have two payout options: collect the advertised $600 million jackpot through annual payments or accept a one-time cash payment of $246 million.
The cash option would shrink further after federal taxes, leaving the winner with approximately $155 million before any applicable state taxes.
Powerball’s $600 Million Jackpot Could Drop to $155 Million After Taxes
A Powerball winner who chooses the $246 million lump-sum payment would immediately face mandatory federal tax withholding.
The Internal Revenue Service requires 24% federal withholding on large lottery prizes, which would reduce the initial payment to approximately $187 million.
However, that withholding does not necessarily cover the winner’s full federal tax obligation.
Depending on the winner’s taxable income, the top federal marginal income tax rate of 37% could apply to most of the winnings.
That would leave approximately $155 million after federal income taxes, assuming the winner has no significant deductions or other adjustments.
State taxes could reduce the payout even further.
For example, New York taxes lottery winnings at rates reaching 10.9%. Meanwhile, states including Florida, Texas and California do not impose state income taxes on Powerball lottery winnings.
The amount a winner ultimately receives depends on where the ticket was purchased, where the winner lives and their individual tax situation.
Powerball Winner Faces a Decision Between Cash and Annual Payments
The alternative to taking the lump sum is receiving the advertised $600 million jackpot through 30 annual payments.
Those payments span 29 years and increase by 5 percent annually.
The annual payments would also be subject to federal income taxes, meaning the winner would not receive the full advertised amount.
For comparison, a hypothetical $20 million payment taxed at 37% would leave approximately $12.6 million before state taxes.
The actual payments would vary each year because of the increasing installment schedule.
The odds of winning the Powerball jackpot remain extremely low at approximately 1 in 292.2 million.
Despite those odds, the jackpot has continued to grow as drawings pass without a grand prize winner.
Powerball’s Latest Jackpot Ranks Among the Biggest Lottery Prizes of 2026
The $600 million prize follows two larger lottery jackpots awarded earlier this year.
In August, an Illinois ticket buyer won a $1.04 billion Powerball jackpot, making it the largest lottery prize of 2026 so far.
That win came just weeks after a Florida ticket buyer claimed an $800 million Mega Millions jackpot in late July.
According to Forbes, both prizes ranked among the year’s biggest lottery payouts.
The latest Powerball jackpot is now the third-largest advertised lottery prize of the year.
Players hoping to win Saturday’s drawing must match all five white balls and the red Powerball to claim the grand prize.
Mega Millions Jackpot Also Climbs After Friday’s Drawing
Powerball isn’t the only major lottery offering a substantial jackpot.
The Mega Millions jackpot has increased to $413 million after Friday night’s drawing produced no grand prize winner.
The winning numbers for October 16 were 2, 15, 31, 41 and 68, with Mega Ball 11.
The next Mega Millions drawing will take place Tuesday, October 20, at 11 p.m. Eastern.
The advertised $413 million prize includes a cash option worth approximately $170.3 million before taxes.
Mega Millions introduced a revised version of its game in April 2025, changing the odds of winning the jackpot.
According to Mega Millions, the odds improved from 1 in 302,575,350 to 1 in 290,472,336.
Those odds remain slightly better than Powerball’s jackpot odds of approximately 1 in 292.2 million.
With both jackpots continuing to grow, lottery players have two opportunities in the coming days to compete for prizes worth hundreds of millions of dollars.
Powerball Jackpot Hits $600 Million for Saturday: Drawing Time, Cash Value & What a Winner Takes Home