As of September 3, 2025, Powerball officials have increased the jackpot estimate to $1.4 billion for tonight's drawing, based on national ticket sales. The cash value option is $634.3 million. Tonight’s jackpot ranks as the fourth largest in the Powerball game and the sixth largest among U.S. lottery jackpot games after the game rolled over on Monday. No Income Tax On Lottery Winnings In Florida Winners in Florida face no state income taxes on lottery winnings, but federal taxes apply. For the lump-sum option of $634.3 million, federal taxes would reduce the amount to approximately $399.7 million, based on 2025 federal income tax brackets for single filers assuming no other income or deductions. Powerball Tax Calculator - Tax on first $626,350: Approximately $188,770. - Tax on remaining $633,673,650 at 37%: Approximately $234,459,251. - Total federal tax: About $234.6 million. - Net amount: About $399.7 million. The lottery withholds 24% upfront (about $152.2 million), so the initial payment would be around $482.1 million, with the balance due when filing taxes. Poweball Annuity Option The $1.4 billion annuity is paid over 30 years with 5% annual increases, averaging about $46.7 million per year. Each payment is taxed in the year received, potentially allowing for tax deferral benefits depending on future tax rates and income. Most winners choose the lump sum. The drawing is at 10:59 p.m. ET, with odds of 1 in 292 million. Tickets cost $2.