The Powerball lottery jackpot has reached an estimated $815 million after no winner in the recent drawing. Winners can choose between a lump sum or annuity payment, with most opting for the lump sum. However, after federal and state taxes, the actual amount received can be significantly lower. State tax rates on lottery winnings vary, with some states not taxing lottery winnings at all. It is important for winners to consider the tax implications before deciding how to receive their prize.