What you have to pay if you win the $935 million

In the end, it’s one for you and 19 for the taxman.

If there is a winner for Saturday’s Powerball jackpot, they won’t take home the entire estimated $935 million prize, even if they are the only ticket with the right six numbers.

The prize is taxed if a person takes the annuity option − which is what the advertised jackpot figure represents − or the lump sum.  A 2018 USA TODAY analysis recommended taking the lump sum.

If a winner joins the ranks of the luckiest people alive, like the New Jersey person that won Tuesday’s Mega Millions jackpot, there will be a hefty tax bill to pay. (Though, let’s be honest they can cry about it in their piles of new money.)

Here’s what to know about taxes on lottery winnings.

Federal taxes on Powerball wins

Federal lottery taxes are determined by the income bracket the winnings fall into.

Currently the two highest income brackets are taxed at 37% for incomes over $578,125 and 35% for incomes over $231,250. 

The governing lottery body withholds 24% of the prize automatically, leaving the balance to be paid by the winner, according to Lottery USA.