The stakes are getting bigger and bigger.

The Powerball jackpot has hit $1.8 billion ahead of the next drawing on Saturday night. It’s now the second largest jackpot ever in U.S. history.

The $1.8 billion jackpot is for an annuity option that is paid over 30 years. If winners opt for the cash prize, it would currently be worth $826.4 million.

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. Residents in California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming won’t pay any state taxes on potential winnings.

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