The Powerball jackpot climbed to $707 million after no ticket matched all six numbers drawn Wednesday night, making it the second-largest lottery prize awarded so far this year, though the eventual winner will end up taking home considerably less once taxes and deductions are applied.

Wednesday's drawing produced the numbers 30, 36, 40, 42 and 57, along with a red Powerball number of 2. With no winning ticket sold, the jackpot rolls over and grows ahead of the next scheduled drawing on Saturday night.

Whoever eventually wins the jackpot will face a choice between two payout structures. The winner can select the full $707 million prize distributed across 30 annual installments, or opt for a one-time lump-sum cash payment of $309.7 million, the option most lottery winners historically choose given the immediate access to funds it provides.

Either path comes with a substantial tax bill. If the winner selects the cash option, a mandatory 24% federal withholding tax is applied immediately, reducing the $309.7 million prize to $235.4 million. Because lottery winnings of this size push winners into the highest federal tax bracket, the winner would likely face an additional marginal tax rate as high as 37% depending on their overall taxable income,........

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