The Powerball jackpot topped an estimated $725 million
It’s the seventh-largest prize in the game’s history
there are two choices for the windfall: an estimated $366.2 million lump sum or an annuitized prize that pays out yearly and is worth $725 million.
Before winners see a penny of the multimillion-dollar jackpot, there’s a mandatory 24% federal withholding that goes to the IRS. The withholding applies to winnings of more than $5,000.