(NEXSTAR) — The Powerball has done it again. Without a winner in Monday night's drawing, the jackpot has grown, reaching an estimated $643 million with a cash value of $290.6 million. There's even a chance it will grow again before Wednesday's drawing.
Regardless of whether the Powerball jackpot remains at $643 million or grows, you would take home far less if you overcome the odds and win on Wednesday. You can thank taxes.
Whether you take the annuitized payout or the cash prize, you'll see 24% in federal tax withheld immediately. With additional taxes, you’ll see roughly 37% of your prize money withheld, should you win.
There are only a handful of states that do not have a local lottery tax withholding. It's within these states that the winner of the current jackpot would lose the lea