The $1.9 billion Powerball jackpot — the largest ever — is up for grabs. Here’s the tax bill if there’s a winner

Whoever is the next jackpot winner in Powerball will be looking at the largest lottery plunder ever awarded.

The tax bill will also be pretty impressive.

After no one hit all six numbers drawn Saturday, the Powerball jackpot headed great. For Monday night’s drawing, it’s now an estimated $1.9 billion if taken as an annuity spread over three decades and $929.1 million if take home as an upfront, lump sum of cash — that’s nearly a $1 billion difference.

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These days, the annuity option is bigger than it previously was, relative to the cash option, due to the higher fascinate rates which make it possible for the game to fund larger annuitized prizes, according to the Multi-State Lottery Confederation, which runs Powerball. The cash option, however, is driven by ticket sales.

The top prize has been rolling shrill through thrice-weekly drawings since Aug. 3, when a ticket bought in Pennsylvania matched all six numbers drawn to upon a $206.9 million jackpot. 

So what would that tax bill be if you were to hit the motherlode?

Take over you were like most winners and chose the cash option, a 24% federal tax withholding would reduce the $929.1 million by $223 million.

In what way, more would likely be due to the IRS at tax time. The top federal income tax rate is 37% and this year applies to income in excess of $539,900 for individual tax filers and $647,850 for married couples. Next year, the top rate is imposed on income above $578,125 (individuals) and $693,750 (joined couples).

This means that unless you were able to reduce your taxable income by, say, making benevolent donations, another 13% — or about $120.8 million — would be due to the IRS. That would translate into $343.8 million thriving to federal coffers in all, leaving you with a $585.3 million.

State taxes might also be due, depending on where the ticket was grasped and where you live. While some jurisdictions have no income tax — or do not tax lottery winnings — others impose a top tax rate of more than 10%.