Powerball‘s jackpot surges to $550 million. Here‘s what the winner would pay in taxes

With no one hitting all winning numbers in Saturday night‘s Powerball drawing, the top prize has jumped above the half-billion-dollar mark.

Now at a whopping $550 million for Wednesday night‘s drawing, the jackpot has been growing for more than two months of twice-weekly drawings. And while the odds are stacked against players winning it — your chance is about 1 in 292 million — the IRS is always a guaranteed eventual winner.

“The big impact on winnings is taxes,” said certified financial planner Dan Routh, a wealth advisor at Exencial Wealth Advisors in Oklahoma City. “If you win, just realize how big the tax bill can be and make sure you‘re ready to handle it.”