Are you planning on playing Powerball? The jackpot has now reached $633 million after no winning tickets were drawn on Saturday night.
The six numbers drawn were 3, 4, 24, 36, 47 and the Powerball number 17.
When is the next drawing?
The next drawing for anyone interested in getting in on the action is scheduled for Monday at 10:59 pm ET. If again no winner emerges, the jackpot will continue to grow.
You can watch a livestream of the drawing on the Powerball website as well as its YouTube channel.
The chances of winning the Powerball jackpot are very high. Players have about a 1 in 292 million chance of hitting all six numbers, but matching all five white balls can still earn the $1 million prize – although even those odds are extremely difficult to overcome.
getty images
How much can a winner take home after taxes?
The biggest question surrounding lottery jackpots is how much money the winner actually gets to keep. So, how much can someone take home if they win the $633 million jackpot on Monday night?
zachary folk Forbes broke potential payment On Sunday.
A winner will have a few options when deciding how to get his or her money.
They can take the entire $633 million through 30 annual payments or choose the lump sum option, which would be worth about $277.3 million. After the 24% federal withholding tax, that lump sum will reduce to approximately $210.7 million.
The winner would likely fall into the highest federal income tax bracket, which could increase the total federal tax rate to 37% and reduce the payout to approximately $174.7 million.
If the winner chooses the annuity option, the 30 annual payments increase by 5% each year. Although it will take nearly three decades to receive the full amount, the winner could potentially collect nearly $400 million after federal taxes over the lifetime of the payment.
RELATED: A Powerball Ticket Is Still Worth $1 Million—But Not for Long
