The jackpot prize for Powerball is currently estimated at around $360 million for Saturday night's draw, as no ticket was successful in matching all six numbers in the previous Wednesday draw. The jackpot winner who wins on Saturday would get to pick his choice between either taking the full $360 million by an annuity that will be paid out over 30 years or receiving a lump sum amount of $153.6 million in one shot. However, there is a catch as neither of these big figures will actually go straight to the hands of the jackpot winner, as the winnings from any lottery in the United States, including Powerball, are subject to taxation. A jackpot winner would have to pay federal income tax, while additional state and local taxes could also apply depending on where the winning ticket was purchased and where the winner lives.
