WASHINGTON — The Powerball jackpot is inching closer to record territory with an estimated $1.8 billion grand prize now up for grabs after . But if you somehow beat the , you'll have a hefty tax bill waiting for you.

That's because lottery winnings are treated as income by the federal government and most states, so the jackpots are subject to state and federal income taxes.

However, there are a handful of states that do not collect additional taxes on residents' lottery winnings.

If you were to win Saturday's $1.8 billion Powerball jackpot, how much would you actually get?

When a lottery winner comes forward, they must first decide whether they want to receive their , or receive their grand prize in a lump sum of cash. If they pick the annuity, they will eventually receive the entire a

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