Fancy a billion-dollar Labor Day prize?

The Powerball jackpot has reached $1.1 billion Monday night after no one won on Saturday.

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Winners can opt for an annuity option, which is paid over 30 years. However, winners tend to pick the cash option, which holds a cash value of $498.4 million.

The prize is subject to taxes, which includes an automatic withholding tax of 24% levied against the winnings, and another 13% in federal taxes when you file your 2025 return.

There are also state taxes in some jurisdictions, which range from 2.9% to 10.9% depending on the state you live in. But players in California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington or Wyoming don't need to worry about such taxes.

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