The Powerball jackpot continues to rise, hitting $1.4 billion ahead of Wednesday's drawing.

The $1.4 billion jackpot is for an annuity option, paid over 30 years. Winners almost always opt for the lump-sum cash prize, which for Powerball would be $634.3 million cash.

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

There are also state taxes in most jurisdictions, which range from 2.9% to 10.9% depending on the state you live in. But if you're lucky enough to live in California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington or Wyoming, you won't pay any state taxes on your winnings.

No one has

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