Powerball jackpot inches closer to $1 billion after no winners

The projected jackpot for Saturday night’s Powerball drawing inches closer to the billion-dollar mark after the prize money increased to $960 million, California Lottery officials announced Friday.

The current jackpot prize is the game’s second-largest prize of the year and the fourth-largest jackpot in the game’s history, a news release said.

Should someone win the prize money Saturday night, they can choose between taking a lump cash sum or receiving annuity payments for 30 years. The estimated cash value stands at $441.4 million.

The California Lottery is required by law to withhold federal taxes, which can vary based on the winner’s resident status. At the very least, the lottery office is required to withhold 24% of the prize money for federal taxes, according to the California Lottery Winner’s Handbook.

No one has won the Powerball jackpot since July, when an unidentified California Lottery player won the $1.08 billion jackpot.

The winning ticket was purchased at Las Palmitas Mini Market in downtown Los Angeles and the winner has a year to come forward and claim the prize.

Anyone feeling lucky can purchase Powerball tickets for $2 at California Lottery retailers statewide.

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