Andrew Kelly | Reuters
A sign advertises the Powerball jackpot outside a store on Kenmare Street in New York, February 22, 2017.
The current Powerball jackpot is worth $403 million. If you choose the lump sum option, the cash payout is $243.9 million. The drawing is scheduled for 10:59 p.m. ET on Wednesday and is the tenth largest jackpot ever for the lottery.
Lottery winnings are taxable as ordinary income. That would likely subject you to the top federal tax rate of 39.6 percent on your winnings.
But the state tax bite is another story, varying widely from state to state. These taxes are calculated based on where the winner lives: