The Powerball jackpot for Wednesday's night's drawing has ballooned to $975 million after no winning tickets were sold for Monday's $905 million grand prize. In Tennessee, the ticket included the Power Play option for an additional $1 million, which increased the winnings to $2 million. The Powerball jackpot has been growing for more than three months, reflecting the long odds of 1 in 292.2 million of winning the top prize. Your total lottery prize after paying the federal income tax is about $279.2 million. State taxes on lottery winningsThere are also state taxes in most jurisdictions, which range from a low 2.9% in North Dakota to 10.9% in New York.