The Powerball jackpot is now up to $1.3 billion. Even if you beat the odds and win the jackpot, you’ll be going home with way less than a billion. 

How much money you’ll actually take home from a Powerball jackpot depends on two distinct options. How you plan to take the money and how much goes to federal taxes. Oh, and if you live in Arkansas it depends on how much the state taxes will be taken out for your winnings, too.

You've got a one in 292.2 million shot of winning the $1.3 billion Powerball jackpot this Wednesday. So that means you do have a chance, but let's put that crazy number in perspective for you.

  • You are more likely to be injured in a chainsaw accident.
  • Die in an asteroid apocalypse.
  • You are more likely to die in a horrible vending machine incident.
  • Winning would be like flipping a coin 28 times in a row and getting heads every time.

If you are the sole winner of the $1.3 billion jackpot, and you take the lump sum payment, it will be $806,000,000 and $201,500,000 going to the IRS for taxes. If you live in Arkansas expect another $56,420,000 to be taken out in taxes. Still $548,080,000 is not anything to laugh at.

Are you playing the Powerball this Wednesday?