The Powerball jackpot for Wednesday night's drawing has ballooned to $1 billion 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. 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. If you win the jackpot, experts suggest working with a tax professional, financial advisor and estate planning attorney immediately.