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.
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.||$2.04bn||Powerball||Nov, 8, 2022|
|2.||$1.59bn||Powerball||Jan. 13, 2016|
|3.||$1.54bn||Mega Millions||Oct. 23, 2018|
|4.||$1.35bn||Mega Millions||Jan. 13, 2023|
|5.||$1.34bn||Mega Millions||July 29, 2022|
|6.||$1.05bn||Mega Millions||Jan. 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.