Powerball's jackpot reaches $1 billion—here's the after-tax payout in every U.S. state

Powerball's jackpot prize is now $1 billion, the third-highest ever.

But the amount that winners take home will vary by hundreds of millions of dollars, based on the payout they choose and whether their state charges taxes on the winnings.

Powerball's next draw is Wednesday night at 10:59 p.m. ET. There are two payout options: The full jackpot amount spread out over 30 years as an annual payment, or just over half that amount as an upfront lump sum payment.

All winners pay an automatic 24% federal withholding tax on their winnings, which is considered income. However, winners will almost certainly pay another 13% in federal taxes when they file their tax return, as the millions of dollars in winnings will put them in the top tax bracket of 37%.

Then you have state income taxes, which range from 2.9% to 10.9% depending on which state you live in. And eight states don't charge income tax on lottery winnings: California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming.

It's also worth noting that there are five states that do not participate in the Powerball lottery at all: Alabama, Alaska, Hawaii, Nevada and Utah.

Assuming a top federal tax rate of 37%, here's the after-tax amount you'd take home in each state and Washington, D.C., if you won the $1 billion jackpot, for both the lump sum and annuity option, according to usamega.com.

• Lump sum: $312,701,045
• Annuity: $606,111,360

• Lump sum: $301,331,445
• Annuity:  $584,111,340

• Lump sum: $325,621,045
• Annuity: $631,111,350

• Lump sum: $302,881,845
• Annuity: $587,111,340

• Lump sum: $289,496,725
• Annuity: $561,211,350

• Lump sum: $291,512,245
• Annuity: $565,111,350

• Lump sum: $325,621,045
• Annuity: $631,111,350

• Lump sum: $295,905,045
• Annuity: $573,611,340

• Lump sum: $295,646,645
• Annuity:  $573,111,360

• Lump sum: $300,039,445
• Annuity: $581,611,350

• Lump sum: $309,341,845
• Annuity: $599,611,350

• Lump sum: $294,613,045
• Annuity: $571,111,350

• Lump sum: $296,163,445
• Annuity: $574,111,350

• Lump sum: $302,365,045
• Annuity: $586,111,350

• Lump sum: $301,073,045
• Annuity: $583,611,360

• Lump sum: $288,669,845
• Annuity: $559,611,360

• Lump sum: $279,367,445
• Annuity: $541,611,360

• Lump sum: $279,109,045
• Annuity: $541,111,350

• Lump sum: $303,657,045
• Annuity: $588,611,340

• Lump sum: $274,716,245
• Annuity: $532,611,360

• Lump sum: $299,781,045
• Annuity: $581,111,340

• Lump sum: $300,039,445
• Annuity: $581,611,350

• Lump sum: $290,737,045
• Annuity: $563,611,350

• Lump sum: $291,305,525
• Annuity: $564,711,360

• Lump sum: $325,621,045
• Annuity: $631,111,350

• Lump sum: $270,065,045
• Annuity: $523,611,360

• Lump sum: $295,129,845
• Annuity: $572,111,340

• Lump sum: $269,289,845
• Annuity: $522,111,360

• Lump sum: $301,073,045
• Annuity: $583,611,360

• Lump sum: $310,633,845
• Annuity: $602,111,340

• Lump sum: $305,000,725
• Annuity: $591,211,350

• Lump sum: $301,073,045
• Annuity: $583,611,360

• Lump sum: $274,457,845
• Annuity: $532,111,350

• Lump sum: $309,755,285
• Annuity: $600,411,360

• Lump sum: $294,664,725
• Annuity: $571,211,340

• Lump sum: $292,029,045
• Annuity: $566,111,340

• Lump sum: $325,621,045
• Annuity: $631,111,350

• Lump sum: $325,621,045
• Annuity: $631,111,350

• Lump sum: $325,621,045
• Annuity: $631,111,350

• Lump sum: $280,401,045
• Annuity: $543,611,340

• Lump sum: $295,905,045
• Annuity: $573,611,340

• Lump sum: $325,621,045
• Annuity: $631,111,350

• Lump sum: $270,065,045
• Annuity: $523,611,360

• Lump sum: $292,029,045
• Annuity: $566,111,340

• Lump sum: $286,085,845
• Annuity: $554,611,350

• Lump sum: $325,621,045
• Annuity: $631,111,350

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