Monday night’s Powerball lottery drawing will be a big one.

The jackpot is worth $480 million.

The Powerball is drawn in Florida, but you can watch the LIVE drawing on WSB-TV at 11 p.m.

The Powerball jackpot was last won on Aug. 3, when a ticket in Pennsylvania matched all five white balls and the red Powerball to win a $206.9 million jackpot.

The odds of a single ticket winning in Powerball is 1 in 292 million.

The lump sum from Monday’s jackpot is $242.2 million. The annuity option allows the jackpot to be paid out across 30 years.

The federal government and all but a few state governments will immediately have their hands out for a bit of your prize. The Georgia Lottery says it reports the names of winners of prizes above $600 to the IRS and Georgia Department of Revenue.

Georgia’s state income tax of 5.75% and federal income tax of 24% are withheld from prizes of more than $5,000 at the time the prize is claimed.

Additionally, the GLC is required to check for and deduct any outstanding child support payments for prizes of $2,500 and above and student loans and state taxes for prizes of $5,000 and above, net of the wager or ticket cost.

The largest Powerball jackpot ever was on Jan. 13, 2016, in which three winning tickets were sold: one in Tennessee, one in Florida and one in California.

Top 10 Powerball Jackpots

1. $1.586 Billion – Jan. 13, 2016 – CA, FL, TN

2. $768.4 Million – March 27, 2019 – WI

3. $758.7 Million – Aug. 23, 2017 – MA

4. $731.1 Million – Jan. 20, 2021 – MD

5. $699.8 Million – Oct. 4, 2021 – CA

6. $687.8 Million – Oct. 27, 2018 – IA, NY

7. $632.6 Million – Jan. 5, 2022 – CA, WI

8. $590.5 Million – May 18, 2013 – FL

9. $587.5 Million – Nov. 28, 2012 – AZ, MO

10. $564.1 Million – Feb. 11, 2015 – NC, PR, TX

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