Here’s How Much in Taxes You’ll Pay if You Win the $1.9 Billion Powerball Jackpot (and Other Fun Facts)

If you’re buying a lottery ticket on the off chance that you might win the $1.9 billion Powerball jackpot tonight, you’d do well to remember this: Winning isn’t all Dom Pérignon and luxury suites. You’ll also face a hefty tax bill — so much so that you might have to scrape by on $585 million or less once the IRS takes its cut.

See: 8 Purchases Retirees Almost Always Regret
Check Out: 5 Affordable Places To Retire Near the Beach

You have a 1 in 292.2 million chance of winning the jackpot, per Axios, which are long odds indeed.

One thing’s for certain: No matter who wins, they’ll be giving a huge chunk of their winnings to Uncle Sam. That’s the case whether the jackpot is doled out as an annuity or as a cash lump sum. Most winners opt for the cash option.

For the current $1.9 billion jackpot, the cash option is $929.1 million, NBC Dallas-Fort Worth noted. There is a mandatory 24% federal tax withholding on that amount, which would reduce the winnings significantly — these winnings would be further reduced by the top federal marginal tax rate of 37%.

Unless the winner does something creative with the jackpot, such as donating part of it to charity, there would therefor be an additional 13% due to the IRS to match the top federal marginal tax rate: a total of $343.7 million in overall taxes. That would bring the winnings down to about $585 million — and that’s before any state or local taxes might apply.

Live Updates: Financial Trends, Money News and More
Find: 5 Times Inflation Is Actually Good for Your Finances

If the winner is lucky enough to live in a state with no state income tax, this won’t be a problem. Only seven states have no state income tax, according to Intuit TurboTax: Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming.

More From GOBankingRates

This article originally appeared on Here’s How Much in Taxes You’ll Pay if You Win the $1.9 Billion Powerball Jackpot (and Other Fun Facts)