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What is the biggest lottery jackpot ever won in the US?

The Powerball jackpot in November 2022 of $2.04 billion made it the largest lottery jackpot total in US history.

Resultados de Mega Millions hoy, 6 de febrero | Números ganadores y premios del sorteo

A single-ticket holder in California won the biggest in American history after the jackpot rose to a whopping $2.04 billion. The $2.04 million jackpot is the largest lottery prize ever won in the United States.

Six jackpots of more than $1 billion have been won

While the ‘jackpot’ figure often appears as a single lump sum payment, the reality is that most lotteries offer an annuitized jackpot in which the money is paid in a series of instalments. Both Mega Millions and Powerball jackpots are paid out in 30 annual instalments.

The following is a list of the highest jackpots to have been won in US history, assuming that the winner chose to accept the higher annuitized amount rather than the lower cash alternative.

1.$2.04bnPowerballNov, 8, 2022
2. $1.59bnPowerballJan. 13, 2016
3. $1.54bnMega MillionsOct. 23, 2018
4. $1.35bnMega MillionsJan. 13, 2023
5. $1.34bnMega MillionsJuly 29, 2022
6. $1.05bnMega MillionsJan. 22, 2021

How much of a lottery jackpot goes on taxes?

Winning either the Mega Millions or Powerball jackpot is a truly life-changing amount of money, but a fairly substantial proportion of the winnings will go on taxes.

The winner of the $2.04 billion jackpot took home $628 million in a lump sum payment after taxes.

Lotto winners can reduce their tax bill by making charitable contributions. The American Institute of CPAs states that individuals can contribute up to 60% of their adjusted gross income to a public charity and receive a tax deduction for the same amount.