The winner has the choice between receiving the full $980 million in 30 annual payments or opting for a one-time cash payout of $452.2 million—a choice many winners tend to prefer.

Opting for the cash option will see the prize amount reduced to approximately $343.7 million after a mandatory federal withholding tax of 24% is deducted.

Further taxation could reduce the winnings even more, as the winner’s taxable income might place them in the highest federal tax bracket, which is 37%. This could potentially lower the final prize to about $284.9 million.

The winner would likely face a federal marginal rate as high as 37%, depending on their taxable income, further reducing the winnings to around $284.9 million.

If the installment route is chosen, the winner’s annual payments of around $32.6 million would fall to $20.5 million annually based on the current 37% top federal income tax rate.

Georgia taxes lottery winnings as ordinary income, and the state has a flat income tax rate of 5.19%, meaning the winner would also end up owing just under $23.5 million in taxes on the jackpot’s lump sum.

In all, if the winner takes the lump sum, they will likely end up taking home around $261.4 million after paying $190.8 million in taxes.