Powerball Jackpot Grows to $835 Million
The estimated jackpot offers a one-time cash option of about $357.9 million before taxes, with the next drawing set for November 4.
Updated on Nov. 4, 2026 in Gambling
Live Poll
Would you buy a Powerball ticket for an $835 million jackpot?
The Powerball jackpot is estimated at $835 million, and the one-time cash option has a value of about $357.9 million before taxes. Winners who match all six numbers choose between that lump sum and 30 annual installments.
Why it matters
Lottery winnings are treated as taxable income, so the advertised jackpot substantially overstates what a winner would keep. Estimates after federal and state taxes show the cash option shrinking considerably before a winner takes it home.
The IRS withholds 24% of large lottery prizes upfront, leaving about $272 million of the $357.9 million cash option. Pennsylvania taxes winnings at 3.07%, and the estimated take-home amount after that state tax is roughly $214 million.
The players
Powerball
Powerball is a multi-state lottery game with jackpots that can grow to hundreds of millions of dollars.
Internal Revenue Service
The IRS is the federal agency that collects income taxes and withholds a portion of large lottery prizes upfront.
The details
A winner who matches all six numbers can take a one-time cash payment or 30 annual installments. Many estimates apply a top federal income tax rate of 37%, which would reduce the cash option to roughly $225 million.
Timeline
The next Powerball drawing is scheduled for November 4, 2026, at 10:59 p.m. ET.
Culture Shift
Large jackpot runs keep drawing mainstream attention to lottery play, even as the upfront 24% federal withholding means a headline prize is substantially smaller than the advertised figure. Winners who expect the full jackpot often face a far lower net payout once federal and state taxes are applied.
A player who wins the advertised jackpot should plan for federal withholding and income tax, since the cash option could fall to roughly $214 million after taxes in Pennsylvania. Choosing between the lump sum and annual installments affects how much tax is owed each year.
The takeaway
Treat any advertised jackpot as a gross figure, since withholding and income tax substantially reduce a winner's payout. Budgeting around the net cash option rather than the headline number gives a more accurate picture of what a win would be worth.
What happens next
The next Powerball drawing is scheduled for November 4, 2026, at 10:59 p.m. ET, when the jackpot will be determined.
Further reading
Explore more on the Gambling section for context on how lottery jackpots and payout options work.
Source note: This article includes information reported by WETM 18 News.
Live Poll
Would you buy a Powerball ticket for an $835 million jackpot?
