Powerball Jackpot Becomes Second In A Week To Top $1 Billion
Powerball Jackpot At Est. $1.09 Billion For Wednesday
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Editor's Notes: For continued jackpot estimates between drawings, please visit the Iowa Lottery's website at www.ialottery.com.
CLIVE, Iowa — The Powerball® jackpot continues to climb, making it through its latest drawing and becoming the second U.S. lottery prize in a week to top the $1 billion mark.
The jackpot for Powerball's next drawing on Wednesday now stands at an estimated $1.09 billion annuity, $527.3 million lump-sum option. It follows a Mega Millions® jackpot of $1.13 billion won in that game's March 26 drawing.
The two prizes had climbed together for nearly three months, simultaneously topping $800 million for the first time in late March. With Mega Millions being won, the bulk of the jackpot attention is now on Powerball as it continues to climb. The Powerball jackpot was last won on New Year's Day.
While the jackpot is huge, it has room to grow before approaching record territory. Powerball holds the world record for a lottery jackpot, a $2.04 billion prize won in November 2022. The current jackpot is the fourth-largest Powerball prize and the ninth-largest U.S. lottery prize.
Total Prizes Won In Iowa In Monday's Drawing
Iowa Lottery players won a total of 20,995 prizes in Monday's Powerball drawing ranging from $4 up to $100,000.
Two Iowa tickets were just one number away from having a share of the jackpot, matching four of the first five numbers and the Powerball. One of those tickets won a $50,000 prize, while the other won a $100,000 prize. The player who bought the $100,000-winning ticket added the Power Play® option to the purchase, which doubled the prize.
The $50,000-winning ticket was purchased at Kimmes Carroll Country Store, 422 W. Sixth St. in Carroll. The $100,000-winning ticket was purchased at Kwik Star, 111 E. Donald St. in Waterloo.
Those two prizes can be claimed at any Iowa Lottery office. If the winners have questions before claiming their prize, they are welcome to call the Iowa Lottery at 515-725-7900 or email to: wmaster@ialottery.com.
The winning numbers in Monday's Powerball drawing were: 19-24-40-42-56 and Powerball 23. The Power Play number was 2.
Withholding Rates In Iowa For A Jackpot Prize
The Iowa Lottery has been fielding tax-related questions this month about the giant jackpots. While it can answer some of the inquiries, others would need to be addressed by a tax expert. That's just one of the reasons the lottery always encourages its winners to consult a lawyer or financial planner who can help them map out a plan for their winnings.
Here are the specifics the lottery can provide: For any jackpot prize claimed in Iowa, 24 percent federal withholding applies along with 5 percent state withholding. Those amounts are automatically deducted before the prize is paid and can't be modified or waived.
The withholdings are designed to cover a lottery prize winner's tax liability from claiming a large lottery prize. But the total taxes that a winner would owe are dependent upon that person's financial circumstances outside of winning the lottery.
In some instances, the withholdings may not be enough, in other instances, they may be too much. The details would be sorted out in the winner's income-tax filing for the year.
Play Healthy
The Iowa Lottery reminds players to enjoy the moment, remember that you are gambling when you buy tickets and there is no guarantee you'll win. Playing the lottery is something that should be done just for fun.
The Iowa Lottery keeps these and other "Play Smart, Be Informed" details on its website to help everyone have an accurate understanding of how the lottery works: https://www.ialottery.com/Pages/PlaySmartBeInformed/PlaySmartBeInformed_main.aspx.
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