CORPUS CHRISTI, Texas — Nobody won Friday night's $1.4 billion Powerball jackpot, meaning an even bigger prize will be up for grabs in Saturday night's drawing — $1.6 billion.
But if you were to pick all six winning numbers, that's not how much you would actually win.
According to Forbes, if you pick the cash option, you would win an immediate lump sum of just over $735 million.
However, you would then have to immediately pay a 24% federal tax, which would bring your prize down to about $589 million.
Since you would be in a higher tax bracket, you would face the highest federal tax rate of 37%, bringing the total down to $463.2 million.
If you take the 30 annual payment option, after federal taxes your take home would be about $1 billion.
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