STATEN ISLAND, N.Y. — The estimated Powerball jackpot has reached $1 billion, with a cash value of $461.3 million, for Saturday’s drawing, according to the New York Lottery website.

The entry period will close at 10 p.m. on Saturday, and the drawing will take place at 10:59 p.m., the website said.

The prize is subject to an automatic federal withholding, with the IRS levying 24% on winnings of more than $5,000. New York is a state that requires an additional 8.82% tax to be withheld.

If you choose the cash option, the 24% withholding automatically goes straight to Uncle Sam. In 2026 when you file your 2025 tax returns, plan on paying an additional 13% in federal taxes due to now being in the top tax bracket of 37%, according to NBC Connecticut.

TurboTax advises individuals to be care

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