Saturday, July 15th's Powerball jackpot has increased to an estimated $875 million dollars and plenty of people are rushing to get tickets.
If you beat the odds and match all six numbers you will take home much less than $875 million .
Winners can choose to have their prize money paid out in 30 payments over 29 years, or in a lump sum.152,465 people in Texas won SOME money in Wednesday's drawing. If there is a single winner of the $875 million jackpot, those who pick the cash option will receive an estimated $441.9 million. Then there are the taxes. The IRS immediately takes 24% of all lottery winnings over $5,000, dropping the total to approximately $335,844,000 for a winner choosing the lump sum. Texas is one of 10 states that does not tax lottery winnings at the state level.
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