How Much You’ll Pay in Taxes When You Win the $700 Million Powerball Jackpot, in Every State

This post was updated to reflect the Powerball jackpot increasing from $650 million to $700 million.

The Powerball drawing Wednesday is worth $700 million, the second-largest windfall in the program's history. Depending on the state where the winning ticket is sold, the chosen one(s) will receive far less than the total advertised.

To start, a single winner will receive the $700 million check only if they choose an annuity, which is paid out over 29 years.