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Winner winner chicken dinner! You just won the lottery, but do you know what to do next? Here’s what to know before you cash out.

The jackpot for Wednesday's Powerball drawing is $930 million, the seventh largest grand prize in the game's history.

The nearly $1 billion jackpot is for a single-winning ticket who chooses an annuity option, paid over 30 years. Winners almost always opt for cash prizes, which would be $429 million — before taxes.

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However, the windfall would significantly shrink after taxes.

Federal taxes on lottery winnings

The prize is subject to an automatic federal withholding, with the IRS levying 24% on winnings of more than $5,000.

If you choose the $429 mill

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