The Powerball jackpot has now climbed to a world-record $1.6 billion ($782 million cash), according to lottery officials, and could even top that by the time Saturday's drawing rolls around.

In some states, the lottery also withholds a percentage of the payment for state taxes.First, it was serious.

When you file your next return after winning, you will be responsible for the difference between the 24% tax and the total amount you owe to the IRS.

The lottery automatically withholds 24% of the jackpot payment for federal taxes.

During the course of the annuity payment schedule, there may be changes to the federal and state tax rate.

Consult with a professional tax advisor and accountant to avoid any unplanned tax bills or other surprises.

We do not take responsibility for any inaccuracies or omissions, nor is this calculator intended to represent tax advice.

This calculator is only intended to provide an estimate of taxes.

In the situation when the winner resides in a different state than the one where the winnings were registered, additional state taxes may be added. We assume single state residence only and do not consider non-state resident tax.The highest federal tax bracket of 37% is assumed for this example because Powerball jackpot winners will immediately fall into this category.Each annuity payment increases by 5% from the previous year.A year later, the next payment will arrive, and so on until all 30 have been paid. The first annuity installment is paid when the jackpot is claimed.The annuity option is paid in 30 installments over 29 years.The annuity option is the advertised jackpot, and is the cash lump sum plus interest gained over a period of 29 years.The cash lump sum payment is the available jackpot prize pool at the time of the draw.

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