$1.5 Billion Powerball Jackpot: When Is the Next Draw and Where to Watch it Live?

During last night's $1.2 Billion Powerball draw, nobody won the jackpot. This means that the price will increase again for the next draw, this time with an even bigger amount worth $1.5 Billion.

It is still currently the second largest jackpot for any lottery, just several million away from the world record $1.586 billion Powerball grand prize shared by three winners in 2016, according to CBS News. The jackpot could still grow as well if enough tickets are sold before the next draw.

The Wednesday night numbers were 02, 11, 22, 35, 60, and a Powerball of 23. No winner has been announced for 39 straight drawings, with the last win being hit last August 3. This means that another record may be hir soon, as the current Powerball mark for consecutive drawings without a grand prize winner stands at 40.

According to USA Today, the Powerball is usually drawn every Monday, Wednesday, and Saturday. This means that the next draw will be happening on Saturday, November 5, 2022.

Speaking of the next draw, those who want to know whether or not they won over a billion dollars (before taxes) can watch the Saturday draw live via the official Powerball website at 10:59 p.m. ET.

Each Powerball ticket costs $2 and is sold in 45 states, as well as Washington D.C., Puerto Rico, and the U.S. Virgin Islands. The chance of winning is one-in-292.2 million.

Powerball Winning: Lump Sum or Annuity?

If ever somebody does win the Powerball on Saturday, that winner has two choices, either receive the money in a lump sum or get it via Annuity.

Getting the lump sum is pretty self-explanatory, as the winner gets the jackpot prize in one single payment. According to Powerball's calculations, those who take the lump sum would get roughly 51% less than the jackpot total.

However, those who choose annuity will get their winnings paid out to them over the course of 29 years.

Either way, the total cash value for Saturday night's draw is at least an estimated $745.9 million. However, this is still before taxes, and depending on the state, sometimes the taxes can be higher or lower.

States That Do Not Charge Taxes for Lottery Winnings and States That Have the Highest Tax Rates for Lottery Winnings

While some U.S. states charge additional state taxes for lottery winnings in addition to federal taxes, some states actually do not. There are eight states who do this, and they are California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington State, and Wyoming.

The states with the highest state tax on winnings are New York, which has the highest tax rate with 8.82%, followed by Maryland with 8.75%, Washington D.C. with 8.5%, and Oregon with 8%.

Just remember that these are still just the state taxes, as winners have to pay an upfront 24% withholding tax for the federal taxes from their winnings. In addition, winners would likely owe a total of 37% in federal taxes for their 2022 tax return.

This article is owned by Latin Post.

Written by: Rick Martin

WATCH: Powerball November 2 2022 - News 19 WLTX