Powerball's jackpot prize is now $1 billion, the third-highest ever.

But the amount that winners take home will vary by hundreds of millions of dollars, based on the payout they choose and whether their state charges taxes on the winnings.

Powerball's next draw is Wednesday night at 10:59 p.m. ET. There are two payout options: The full jackpot amount spread out over 30 years as an annual payment, or just over half that amount as an upfront lump sum payment.

All winners pay an automatic 24% federal withholding tax on their winnings, which is considered income. However, winners will almost certainly pay another 13% in federal taxes when they file their tax return, as the millions of dollars in winnings will put them in the top tax bracket of 37%.

Then you have state income taxes, which range from 2.9% to 10.9% depending on which state you live in. And eight states don't charge income tax on lottery winnings: California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming.

It's also worth noting that there are five states that do not participate in the Powerball lottery at all: Alabama, Alaska, Hawaii, Nevada and Utah.

Assuming a top federal tax rate of 37%, here's the after-tax amount you'd take home in each state and Washington, D.C., if you won the $1 billion jackpot, for both the lump sum and annuity option, according to usamega.com.

Arizona

• Lump sum: $312,701,045
• Annuity: $606,111,360

Arkansas

• Lump sum: $301,331,445
• Annuity:  $584,111,340

California

• Lump sum: $325,621,045
• Annuity: $631,111,350

Colorado

• Lump sum: $302,881,845
• Annuity: $587,111,340

Connecticut

• Lump sum: $289,496,725
• Annuity: $561,211,350

Delaware

• Lump sum: $291,512,245
• Annuity: $565,111,350

Florida

• Lump sum: $325,621,045
• Annuity: $631,111,350

Georgia

• Lump sum: $295,905,045
• Annuity: $573,611,340

Idaho

• Lump sum: $295,646,645
• Annuity:  $573,111,360

Illinois

• Lump sum: $300,039,445
• Annuity: $581,611,350

Indiana

• Lump sum: $309,341,845
• Annuity: $599,611,350

Iowa

• Lump sum: $294,613,045
• Annuity: $571,111,350

Kansas

• Lump sum: $296,163,445
• Annuity: $574,111,350

Kentucky

• Lump sum: $302,365,045
• Annuity: $586,111,350

Louisiana

• Lump sum: $301,073,045
• Annuity: $583,611,360

Maine

• Lump sum: $288,669,845
• Annuity: $559,611,360

Maryland

• Lump sum: $279,367,445
• Annuity: $541,611,360

Massachusetts

• Lump sum: $279,109,045
• Annuity: $541,111,350

Michigan

• Lump sum: $303,657,045
• Annuity: $588,611,340

Minnesota

• Lump sum: $274,716,245
• Annuity: $532,611,360

Mississippi

• Lump sum: $299,781,045
• Annuity: $581,111,340

Missouri

• Lump sum: $300,039,445
• Annuity: $581,611,350

Montana

• Lump sum: $290,737,045
• Annuity: $563,611,350

Nebraska

• Lump sum: $291,305,525
• Annuity: $564,711,360

New Hampshire

• Lump sum: $325,621,045
• Annuity: $631,111,350

New Jersey

• Lump sum: $270,065,045
• Annuity: $523,611,360

New Mexico

• Lump sum: $295,129,845
• Annuity: $572,111,340

New York

• Lump sum: $269,289,845
• Annuity: $522,111,360

North Carolina

• Lump sum: $301,073,045
• Annuity: $583,611,360

North Dakota

• Lump sum: $310,633,845
• Annuity: $602,111,340

Ohio

• Lump sum: $305,000,725
• Annuity: $591,211,350

Oklahoma

• Lump sum: $301,073,045
• Annuity: $583,611,360

Oregon

• Lump sum: $274,457,845
• Annuity: $532,111,350

Pennsylvania

• Lump sum: $309,755,285
• Annuity: $600,411,360

Rhode Island

• Lump sum: $294,664,725
• Annuity: $571,211,340

South Carolina

• Lump sum: $292,029,045
• Annuity: $566,111,340

South Dakota

• Lump sum: $325,621,045
• Annuity: $631,111,350

Tennessee

• Lump sum: $325,621,045
• Annuity: $631,111,350

Texas

• Lump sum: $325,621,045
• Annuity: $631,111,350

Vermont

• Lump sum: $280,401,045
• Annuity: $543,611,340

Virginia

• Lump sum: $295,905,045
• Annuity: $573,611,340

Washington

• Lump sum: $325,621,045
• Annuity: $631,111,350

Washington, D.C.

• Lump sum: $270,065,045
• Annuity: $523,611,360

West Virginia

• Lump sum: $292,029,045
• Annuity: $566,111,340

Wisconsin

• Lump sum: $286,085,845
• Annuity: $554,611,350

Wyoming

• Lump sum: $325,621,045
• Annuity: $631,111,350

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