As Tuesday night’s Mega Millions drawing approaches, lottery fever is spreading across the U.S. The jackpot has swelled to $575 million, the ninth-largest in the game’s history.

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The odds — a mind-boggling 1 in 302,575,350. For perspective, you’re about 300 times more likely to be struck by lightning this year.

If lightning does strike and you match all six numbers, your first big decision is whether to take the lump sum or the annuity. The lump sum, estimated at $285.5 million for this drawing, is the popular choice. But it immediately slashes your winnings in half.

But before you start planning your private island getaway, there’s a sobering reality to consider: taxes.

The IRS automatically withholds 24% for federal taxes. But don’t be fooled — you’ll owe up to 37% come tax time, as your windfall launches you into the highest tax bracket.

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State taxes further chip away at your newfound wealth. They range from nothing in tax-friendly states like Florida and Texas to 10.9% in New York.

So, what’s left after? Let’s break it down:

In California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming — states with no income tax on lottery winnings —you’d walk away with about $179.9 million if you chose the lump sum.

At the other end of the spectrum, New York residents face the steepest hit. After federal and state taxes, a New York winner would pocket “just” $148.8 million—still life-changing, but a far cry from the headline jackpot.

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Most states fall somewhere in between. In Illinois, for instance, where the last Mega Millions jackpot was claimed in June, a winner would take home about $165.8 million after taxes.

According to CNBC, here's a look at the lump sum and annuity options for Powerball winners in various states:

Arizona
Lump sum: $172,769,312
Annuity: $349,129,380
Arkansas
Lump sum: $168,772,312
Annuity: $341,079,360
California
Lump sum: $179,906,812
Annuity: $363,504,360
Colorado
Lump sum: $167,344,812
Annuity: $338,204,370
Connecticut
Lump sum: $159,950,362
Annuity: $323,311,860
Delaware
Lump sum: $161,063,812
Annuity: $325,554,360
Florida
Lump sum: $179,906,812
Annuity: $363,504,360
Georgia
Lump sum: $164,232,862
Annuity: $331,936,860
Idaho
Lump sum: $163,647,587
Annuity: $330,758,130
Illinois
Lump sum: $165,774,562
Annuity: $335,041,860
Indiana
Lump sum: $171,199,062
Annuity: $345,966,870
Iowa
Lump sum: $163,633,312
Annuity: $330,729,360
Kansas
Lump sum: $163,633,312
Annuity: $330,729,360

Kentucky
Lump sum: $168,486,812
Annuity: $340,504,380
Louisiana
Lump sum: $166,345,562
Annuity: $336,191,880
Maine
Lump sum: $159,493,562
Annuity: $322,391,880
Maryland
Lump sum: $154,354,562
Annuity: $312,041,880
Massachusetts
Lump sum: $154,211,812
Annuity: $311,754,360
Michigan
Lump sum: $167,773,062
Annuity: $339,066,870
Minnesota
Lump sum: $151,785,062
Annuity: $306,866,880
Mississippi
Lump sum: $166,488,312
Annuity: $336,479,370
Missouri
Lump sum: $165,774,562
Annuity: $335,041,860
Montana
Lump sum: $163,062,312
Annuity: $329,579,370
Nebraska
Lump sum: $163,233,612
Annuity: $329,924,370
New Hampshire
Lump sum: $179,906,812
Annuity: $363,504,360
New Jersey
Lump sum: $149,215,562
Annuity: $301,691,880
New Mexico
Lump sum: $163,062,312
Annuity: $329,579,370
New York
Lump sum: $148,787,312
Annuity: $300,829,380
North Carolina
Lump sum: $167,059,312
Annuity: $337,629,360
North Dakota
Lump sum: $171,627,312
Annuity: $346,829,370
Ohio
Lump sum: $169,914,312
Annuity: $343,379,370
Oklahoma
Lump sum: $166,345,562
Annuity: $336,191,880
Oregon
Lump sum: $151,642,312
Annuity: $306,579,360
Pennsylvania
Lump sum: $171,141,962
Annuity: $345,851,880
Rhode Island
Lump sum: $162,805,362
Annuity: $329,061,870
South Carolina
Lump sum: $161,634,812
Annuity: $326,704,380
South Dakota
Lump sum: $179,906,812
Annuity: $363,504,360
Tennessee
Lump sum: $179,906,812
Annuity: $363,504,360
Texas
Lump sum: $179,906,812
Annuity: $363,504,360
Vermont
Lump sum: $154,925,562
Annuity: $313,191,870
Virginia
Lump sum: $163,490,562
Annuity: $330,441,870
Washington
Lump sum: $179,906,812
Annuity: $363,504,360
Washington, D.C.
Lump sum: $149,215,562
Annuity: $301,691,880
West Virginia
Lump sum: $161,349,312
Annuity: $326,129,370
Wisconsin
Lump sum: $158,066,062
Annuity: $319,516,860

Despite the tax bite, interest in Mega Millions remains high. The game has seen only two jackpot winners so far in 2024, a contrast to 2023 when eight lucky tickets had hit the big time by this point in the year.

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As you stand in line for your ticket, remember: the house — in this case, the government — always wins. But with after-tax payouts still in the nine figures, it’s a game many will play.

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The Mega Millions drawing will be held Tuesday at 11 p.m. Eastern time.

Just don’t forget to set aside some of your winnings for the taxman.

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