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Wednesday night's Powerball jackpot is now $430 million. Here's the estimated tax bill

Key Points
  • The Powerball jackpot is the ninth largest in the game's history.
  • One winner in Illinois took home the $393 million Mega Millions jackpot Friday.
  • The estimated federal tax withholding on the Powerball prize is $68.3 million.
What to do when you win the Powerball

Wednesday night's Powerball jackpot is now $430 million, after Saturday's drawing failed to yield a winner for the top prize.

The weekend Powerball drawing was a would-be millionaire's second opportunity to win a jackpot of more than $350 million in two days. Friday's Mega Millions drawing resulted in one lucky winner in Illinois taking home the $393 million jackpot — the fifth largest in the game's history and the second largest awarded to a single ticket.

The next Powerball drawing is at 10:59 p.m. ET on Wednesday. If the prize amount doesn't go up before then, the $430 million Powerball jackpot would be the ninth largest in the game's history, and the 12th largest in U.S. lottery history.

People line up to buy Powerball lottery tickets in Los Angeles.
Lucy Nicholson | Reuters

(The most recent big Powerball win was a $447.8 million jackpot awarded earlier this summer to a single winner in California. That prize was the game's seventh largest, and the 10th largest in U.S. lottery history.)

Of course, the odds of winning are slim (see graphic below), and if you are lucky enough to pick the winning combo, you won't walk away with the full amount.

Lottery site estimates the federal tax withholding on the $273.4 million lump sum would be roughly $68.3 million, and state taxes could knock out up to another $24.1 million (with New York the costliest). Those figures are just the amounts withheld up front; your final tax burden is likely to be even higher.

Lottery winnings infographic