The $725 million Powerball jackpot is one of the largest in history.
If you choose the lump sum payout, you'll receive about $530 million before taxes.
The federal government will take 24% of your winnings for taxes.
You'll also owe state taxes, which vary depending on where you live.
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In some states, like California and New York, you could owe over 13% in state taxes.
If you live in a state without income tax, you'll still owe federal taxes.
You can reduce your tax bill by making charitable donations or setting up a trust.