{"id":67830,"date":"2025-12-11T21:26:06","date_gmt":"2025-12-11T21:26:06","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/67830\/"},"modified":"2025-12-11T21:26:06","modified_gmt":"2025-12-11T21:26:06","slug":"n-y-lottery-powerball-jackpot-soars-to-1-billion-heres-how-much-you-could-take-home","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/67830\/","title":{"rendered":"N.Y. Lottery: Powerball jackpot soars to $1 billion; here\u2019s how much you could take home"},"content":{"rendered":"

STATEN ISLAND, N.Y. \u2014 The estimated Powerball jackpot has reached $1 billion, with a cash value of $461.3 million, for Saturday\u2019s drawing, according to the New York Lottery website.<\/a><\/p>\n

The entry period will close at 10 p.m. on Saturday, and the drawing will take place at 10:59 p.m., the website said.<\/p>\n

The prize is subject to an automatic federal withholding, with the IRS levying 24% on winnings of more than $5,000. New York is a state that requires an additional 8.82% tax to be withheld.<\/p>\n

If you choose the cash option, the 24% withholding automatically goes straight to Uncle Sam. In 2026 when you file your 2025 tax returns, plan on paying an additional 13% in federal taxes due to now being in the top tax bracket of 37%, according to NBC Connecticut. <\/p>\n

TurboTax advises<\/a> individuals to be careful with pool winnings. According to TurboTax, winnings are still subject to the income tax rate for the bracket your portion of the winnings places you into. In other words, if you personally claim the prize on behalf of everyone in your pool, protect yourself by documenting that the entire win is not solely yours.<\/p>\n

If you choose to collect the total winnings, then allot everyone else their share, the IRS may mistake it as a gift, which can result in the gift tax. To avoid any unnecessary tax obligations, everyone who entered into the pool should sign a contract defining their shares.<\/p>\n

To play Powerball, individuals must choose five numbers from one to 69 and a Powerball number from one to 26. To win the jackpot, all five white balls drawn in the official drawing must match the player\u2019s numbers in any order, and the red Powerball number must also match.<\/p>\n

Players also have the option to use Quick Pick, in which the computer randomly selects numbers instead of choosing their own.<\/p>\n

Powerball tickets can be purchased at any New York Lottery retailer for $2, seven days a week. The deadline for purchasing a ticket is 10 p.m. on draw nights.<\/p>\n

Live Powerball drawings are held every Monday, Wednesday and Saturday at 10:59 p.m., and can be watched on select television stations<\/a> or on the Powerball website<\/a>.<\/p>\n

The New York Lottery urges players to buy tickets early to avoid last-minute lines and to use the New York Lottery app<\/a> to check tickets and get jackpot updates.<\/p>\n

New Yorkers struggling with a gambling addiction, or who know someone who is, can find help by calling the State\u2019s toll-free, confidential HOPEline at 1-877-8-HOPENY (1-877-846-7369) or by texting HOPENY (467369).<\/p>\n

If you or a loved one has questions or needs to talk to a professional about gambling, call 1-800-GAMBLER or visit 1800gambler.net<\/a> for more information.<\/p>\n

If you purchase a product or register for an account through a link on our site, we may receive compensation. By using this site, you consent to our User Agreement<\/a> and agree that your clicks, interactions, and personal information may be collected, recorded, and\/or stored by us and social media and other third-party partners in accordance with our Privacy Policy.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"STATEN ISLAND, N.Y. \u2014 The estimated Powerball jackpot has reached $1 billion, with a cash value of $461.3…\n","protected":false},"author":2,"featured_media":10816,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[9,24,63,134,136,135],"class_list":{"0":"post-67830","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-staten-island","8":"tag-new-york","9":"tag-new-york-city","10":"tag-nyc","11":"tag-staten-island","12":"tag-staten-island-headlines","13":"tag-staten-island-news"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/67830","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=67830"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/67830\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/10816"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=67830"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=67830"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=67830"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}