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Here's the tax bill on that record $758.7 million Powerball

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Here's the tax bill on that record $758.7 million Powerball
A lucky winner in Massachusetts is taking home the $758.7 million Powerball jackpot.

The winning numbers for Wednesday's drawing were 6, 7, 16, 23 and 26, with a Powerball 4. The jackpot has now reset to $40 million.

The $758.7 million prize was the second largest in the game's history and the second largest in U.S. lottery history. It's also the largest payout ever awarded to a single ticket. (The biggest jackpot, a nearly $1.6 billion Powerball in January 2016, was split among three winners from California, Florida and Tennessee. Each winner received $327.8 million before taxes.)

Of course, the Massachusetts winner won't walk away with the full amount. If he or she opts to take the $480.5 million lump sum, lottery site USAMega.com estimates the federal tax withholding would be roughly $120.1 million, with Massachusetts state taxes taking $24 million more. Those figures are just the amounts withheld up front; the final tax burden is likely to be even higher.

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