It’s a dream shared by many: getting lucky enough to receive a windfall of cash.
The jackpot has skyrocketed to $1.9 billion — breaking the world record for lotteries.
Winning a jackpot requires picking five numbers between 1 and 69 and a sixth number between 1 and 26 (these can also be generated automatically). The person or people who select all of the numbers correctly will walk away with the money — odds of roughly one in 303 million, per NerdWallet.
For those who do win big, the amount they actually take home will be determined by if they choose to accept the prize as a 30-year annuity or a lump sum that’s worth roughly 51% less, per CNBC. But the total winnings will also largely depend on the winner’s state taxes.
There are only eight states that don’t tax lottery winnings: California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming. Other states charge anywhere from 2.9% to 8.82% taxes on the prize.
At the federal level, this massive jackpot will incur a 24% upfront tax in addition to a 37% tax on income.
So what’s the grand total? According to AfterLotto’s calculator, choosing the annuity in a state that doesn’t charge income tax on lottery winnings will get you $1,444,000,000, while selecting the lump sum payment will net you $692,578,500.
The next drawing will be held tonight at 11 p.m. ET.