Latest Powerball jackpot hits $905 million

There’s $905 million on the line Monday night in the Powerball jackpot.

If someone wins, it would be the eighth-largest Powerball jackpot in history.

The drawing will take place at 11 p.m., per the Powerball website. The odds of winning are 1 in 292.2 million, according to the lottery.

No winning jackpot tickets were sold for Saturday night’s drawing, Forbes reported, which is why the jackpot was once again increased for Monday night.

While the jackpot is valued at $905 million, the actual cash value of the lump sum prize is estimated to be $391.9 million, according to Powerball.

If a winner gets the jackpot Monday night, they can either choose to receive the lump sum of $391.9 million or receive the full jackpot in 30 annual payments, Forbes said.

Those who choose the lump sum will be hit with a 24% federal withholding tax, bringing the winnings to $297.8 million, according to Forbes’ winnings breakdown.

After that, the winner would likely find themself in the highest federal tax bracket, and a 37% marginal tax rate would bring the prize down to around $246.8 million, Forbes said.

If a winner instead chose the annual payments, they would grow by 5% each year — totaling around $570 million after federal taxes, according to the breakdown.

And in Pennsylvania, cash lottery winnings are taxed at a flat rate of 3.07%, according to the state’s Department of Revenue.

If no one wins the jackpot again, the next drawing will take place Wednesday night.