How many winners have pulled in over the years

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There’s a chance – a tiny one – that a Powerball player will be able to turn over $ 2 to $ 421 million on Monday night.

It’s the jackpot amount heading into the week’s first draw, which comes in the heels of 29 draws – three weekly – without anyone hitting the top prize. The cash option that most winners choose instead of receiving the money spread over three decades is $ 252.1 million.

Of course, the odds are stacked against players, especially for the bigger prizes. For the jackpot, a single ticket has a chance of one in 292 million to match all six drawn numbers. Even the chance of winning $ 1 million is steep: about 1 in 11.7 million.

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Nevertheless, someone will be much richer when the jackpot is won, whether it is Monday or later. The amount will be added to the $ 25 billion in jackpot money won since Powerball held its first lottery in April 1992.

This included a jackpot of almost $ 1.6 billion, which was won in January 2016 and holds the record for the largest ever. (A Mega Millions jackpot won in October 2018 is not far behind, at $ 1.5 billion.)

Lower-level awards – which generally range from $ 4 to as much as $ 2 million – have provided an additional $ 23 billion to winning players over the past three decades. There have also been 470 tickets that won $ 2 million and 2,424 tickets that hit $ 1 million prizes.

Federal treasuries also end up taking advantage of players’ windfall.

There is a 24% federal withholding, which for this jackpot $ 252.1 million cash option would mean that $ 60.5 million was shaved from the top. But with the top marginal tax rate of 37%, you can expect to owe more to the IRS at the time of tax.

State taxes may also be withheld or waived, depending on where the ticket was purchased. These rates range from zero (a handful of states either have no income tax or do not tax lottery winnings) to 10.9% in New York.

So far this year, two Powerball jackpots have been won: Two tickets, sold in California and Wisconsin, shared a $ 632.6 million jackpot in the draw on January 5th; a Connecticut ticket hit the $ 185.3 million jackpot on Feb. 14.

Meanwhile, the Mega Millions jackpot is $ 31 million for its next draw, which is set for Tuesday night.

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