Did anybody win the $353 million Powerball jackpot on Wednesday night? According to KHOU, there were no winners in Wednesday night's drawing, which means that the Powerball grand prize is increasing to eye-popping numbers again.

The winning Powerball numbers on Wednesday were 26-30-33-37-62, Powerball 6 and Power Play 2. To win the grand prize, lottery players must match all five numbers and the Powerball. However, the odds of that happening is reportedly less than one in 292 million.

The next Powerball drawing is on Saturday, October 8, and the estimated jackpot is now $378 million. It has a lump sum cash option of $198.7 million.

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Some States Do Not Tax Powerball Jackpot and Mega Millions Winnings

Powerball and Mega Millions winnings can vary due to local taxes. The total payout depends on where you live. All winnings over $5,000 in the United States are subject to a tax withholding of 24%. But if you won millions, you will be in the highest tax bracket and certainly would owe 37% in federal taxes for 2022.

Lottery winnings are also taxed in most states. It is usually at a rate between 3% and 8%. However, eight states granted winners of Powerball and Mega Millions the highest payouts as they do not tax winnings.

These states are:

  • California
  • Florida
  • New Hampshire
  • South Dakota
  • Tennessee
  • Texas
  • Washington
  • Wyoming

On the other hand, Utah, Nevada, Alabama, Hawaii, and Alaska do not participate in the national lottery. Based on Powerball's calculations, winners in the participating states with no state taxes could receive the maximum possible payout of $222,390,000, assuming the federal tax rate is 37%.

According to CNBC, New York has the highest state tax in all states with a lottery, at 8.82%. Choosing a 30-year annuity or a smaller lump sum payout also affects how much you win. But since a lump sum can be invested immediately, most winners pick this option.

Lottery Players Still Have a Chance for Friday's Mega Millions Jackpot

Friday's Mega Millions jackpot drawing, which has risen to a whopping $410 million, will give Wednesday night's disappointed lottery players the chance to redeem themselves. It has a lump sum cash option of $213.8 million.

Mega Millions announced the prize had reached over $400 million for the third time this year after confirming there was no jackpot winner on Tuesday night.

New York Post reported that the Mega Millions jackpot made headlines last July when a massive $1.337 billion was won in Illinois. Two people reportedly came forward last month to claim the third-largest prize in U.S. history.

Illinois Lottery Claims Manager Luis Rodriguez said at the time that it was "a surreal feeling giving away this amount of money and knowing what a huge impact this is going to make on the winners' lives, and for others close to them as well."

Mega Millions made headlines in recent years due to some of its massive jackpots. However, Powerball said it still holds the world record for the largest jackpot, with a huge $1.586 billion prize, which was won in 2016. 

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This article is owned by Latin Post.

Written by: Bert Hoover

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