Powerball Estimated Jackpot Aug. 4 $211 Million; How Much Taxes Have Lottery Winners Paid In 2021?

Posted By Staff on August 4, 2021 - Last Updated on August 5, 2021

Don’t forget the new Monday drawing of Powerball kicks off on Aug. 23!

However, for Wednesday, Aug. 4 the Powerball estimated jackpot is $211 million with a $153.9 million cash option.

Winning Powerball numbers for Wednesday, Aug. 4

For now, the Powerball holds drawings on Wednesday and Saturday evenings after 11 p.m. ET. Get all tonight’s winning numbers below.

Winning numbers: 5 – 21 – 32 – 36 – 58

Powerball: 14

Multiplier: 2X

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How much have lottery winners paid in taxes in 2021?

Certainly, it has been a good year for lottery winners and Uncle Sam! According to CNBC, combined winners of Mega Millions and Powerball have netted an approximate $2.9 billion so far in 2021. From that, the collective amount paid in taxes to the IRS is worth around $515 million.

Note that most jackpot winners go with the cash option, the smaller amount listed versus the annuity of the estimated jackpot amount that is stretched out over 30 years.

Typically, a tax rate of 24% is withheld when it comes to federal taxes. Note that income above $523,600 for those filing single and a slightly larger amount of $628,300 for those who are married and filing jointly are taxed at 37%. Therefore, the majority of jackpot winners end up at that 37%.

Buy Powerball online

Here in Pennsylvania, you can buy Powerball tickets online. Right now, as a new player to PA online lottery, receive $5 in Free Play plus an additional deposit match bonus up to $500. Finally, there are always fun and exciting promotions that occur weekly.

Lastly, other states sell online lottery tickets:

  • New York
  • Georgia
  • Illinois
  • Kentucky
  • Michigan
  • New Hampshire
  • North Carolina
  • North Dakota
  • Virginia

Please play responsibly.

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