The Powerball jackpot has hit $1 billion. This is the sixth Powerball jackpot to hit the $1-billion mark in the lottery's 33-year history.

The $1 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 $453.1 million cash.

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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 if you're lucky enough to live in California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington o

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