The jackpot for Monday's Powerball drawing has climbed to $750 million, the tenth largest grand prize in the lottery game's history.

The three-quarters of a billion jackpot is for a single-winning ticket who choose an annuity option, paid over 30 years. Winners almost always opt for cash prizes, which would be $338.6 million — before taxes.

However, the windfall would significantly shrink after taxes.

Federal taxes on lottery winnings

The prize is subject to an automatic federal withholding, with the IRS levying 24% on winnings of more than $5,000.

If you choose the $338.6 million cash option, the 24% withholding automatically reduces your prize to about $257,336,000, with $81,264,000 going straight to Uncle Sam.

And when you file your 2025 returns, plan on paying another 13% in fe

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