The Powerball and Mega Millions jackpots have reached a staggering combined value of nearly $2 billion as no tickets matched all six numbers in recent drawings. The Powerball prize has soared to $800 million, marking its sixth-largest jackpot ever, while the Mega Millions jackpot stands at $1.1 billion. In terms of cash, the lotteries offer $384.8 million and $525.8 million, respectively.
Winners of these massive jackpots have the option to receive the prize as a lump sum or choose annual payments over time. However, it's important to note that lottery winnings are considered regular income and are subject to both state and federal income taxes.
