Giving to charity in the year of your win could help. Even if you immediately make a big donation, you'll still have to claim the full prize as income, Bradley said.
The IRS generally allows you to claim donations worth up to 50 percent of your adjusted gross income as a deduction, with excess carried over for up to five years; even donating the maximum deductible amount of $465 million, your federal tax bill next year would still be more than $184.1 million.
Taxpayers can also deduct gambling losses, up to the extent of their winnings that year, as a miscellaneous itemized deduction, Labant said.
"If you spent a lot buying lottery tickets, and you can document those purchases, you can deduct those losses," she said.
The best way to minimize your tax hit would be to sit down with a tax planner after you win but before you claim the prize money publicly, to figure out a plan based on what you want to do with the money, Bradley said.
"People like the idea of winning, and they don't like the idea of paying the tax," she said. "My general feeling on that is, get a good accountant, pay all the tax and be done with it."
Correction: An earlier version misstated the Powerball states that do not collect state income tax on the winnings.