Powerball Lottery cash tickets
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The Mega Millions lottery is living up to its name with a current pool of $508 million up for grabs. But while pondering how you could spend the cash can be fun, you may want to take your daydreaming down an ever-so-slight notch.

According to USA Mega, the take-home cash total for a $508 million Mega Millions is actually $357.7 million or about 70% of the total pool.

This is assuming the winner takes the lump-sum, instead of an annual payout for 30 years.

And it doesn’t even include taxes.

Lottery winnings are subject to a Federal tax deduction of about 25%, which dings an additional $89 million, leaving the winner with about $268 million. That’s only 52% of the advertised $508 million jackpot.

And it doesn’t stop there. Depending on where you live, the state tax can be as high as an additional 8.82% — another $31 million reduction in take-home total.

So assuming you live in New York (where the state tax peaks) the total net payout is $236,725,860. Also worth noting is that New York residents living in the jurisdiction of New York City and Yonkers have to pay out up to 3.876% in additional local taxes. Head over to the USA Mega Jackpot Analysis site for a breakdown of every states’ tax rules in relation to the Mega Millions.

Though the lump sum it’s no $508 million, that is still an enormous amount of money. The first thing you should do upon winning the lottery? Tell no one, and hire a lawyer.

The next drawing for the Mega Millions takes place on Friday July 8 at 11 p.m. EST.

As reported by Business Insider