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The Powerball jackpot is now $535 million. Here's what you'll take home

  • The Powerball jackpot is now $535 million, an increase of $25 million from early Friday.
  • The next drawing is at 10:59 p.m. ET on Saturday.

The Powerball jackpot is now $535 million, an increase of $25 million from early Friday.

The next drawing is at 10:59 p.m. ET on Saturday. If the prize amount doesn't go up before then, the jackpot would be the fifth largest in the game's history, and the eighth largest in U.S. lottery history.

(The $535 million Powerball prize is just $1 million shy of being the seventh largest largest in U.S. lottery history. That rank currently goes to a $536 million Mega Millions jackpot awarded in 2016.)

The most recent big Powerball win was a $447.8 million jackpot awarded earlier this summer to a single winner in California.

A store clerk sells a Powerball lottery ticket at his 7-Eleven store in Chicago, Illinois.
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A store clerk sells a Powerball lottery ticket at his 7-Eleven store in Chicago, Illinois.

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 USAMega.com estimates the federal tax withholding on the $340.1 million lump sum would be roughly $85 million, and state taxes could knock out up to nearly $30 million more (with New York the worst offender). Those figures are just the amounts withheld up front; your final tax burden is likely to be even higher.