LANSING, Mich. (WLNS) — The Powerball jackpot has reached a staggering $815 million, and the golden ticket has yet to be purchased as of Tuesday afternoon.
With the lucky winner still undecided, players may be thinking: how much money will the winner take home after taxes and other deductions?
USAMEGA reports that after taxes are accounted for, if a Michigander buys the winning ticket and chooses the annuity option, they’ll receive $16,003,396 per year, totaling $480,101,880 after 30 payments.
If the cash option is chosen, the winner will receive a total of $216,184,230.
The Powerball jackpot was last won in Michigan on January 1, 2024, by a Mid-Michigan lottery club. The club won $842.4 million, the largest jackpot in state history. The winning ticket was purchased in Grand Blanc.
Monday’s drawing will be the 37th drawing since the jackpot was last won on May 31, when the winning ticket was purchased in California, paying out $204.5 million.
Powerball drawings take place at 10:59 p.m. on Mondays, Wednesdays, and Saturdays and can be watched online.
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