How much of the $1.33 billion Powerball jackpot is left after taxes?

TAMPA, Fla. (WFLA) — Sunday morning, Powerball announced that the estimated $1.33 billion jackpot had been won by a lucky ticketholder in Oregon.

However, even though someone may have won the $1.33 billion prize, that person will not be joining the ranks of the world's billionaires.

First is the cash value of the jackpot, which is estimated to be $621 million. The cash value option "is the amount of money required to be in the jackpot prize pool, on the day of the drawing, to fund the estimated jackpot annuity prize," according to the Powerball website.

If someone were to pick the annuity option, the advertised prize would be divided over 30 annual payments. However, the ticketholder could choose the cash value option instead, receiving the cash value all at once in a lump-sum payment.

Both federal and state income taxes apply to both options, but because these taxes could change over a period of time, let's discuss the one-time payment option.

Unlike the state of Florida, Oregon does withhold 8% from lottery prizes that are above $1,500, according to the Oregon Lottery. Non-video prizes above $5,000 are also subject to federal taxes, which adds another 24% taken out.

Thirty-two percent of $621 million is about $198.72 million, so if one were to subtract that amount out of the estimated cash value, that would still leave a heft chunk of $422.28 million.

That 8% in state taxes makes quite the difference, because if that prize were won in Florida, the winner would have $471.96 million left instead.

However, that's not all. Lottery winnings also count as income, so by winning the jackpot, the ticketholder has been pushed into the 37% tax bracket for those with taxable income of $578,126 or higher for single people and $693,751 for married couples who file taxes together.

According to CNBC, these jackpot winners would then have to pay another 13% in federal taxes to satisfy the income tax requirement. The Oregon Lottery also said the same applies to the state's own tax bracket, so the lottery advised winners to check in with a financial adviser or CPA to ensure that there are no "surprises" when it comes to filling with your existing income.

The Oregon Lottery allows people to claim their prizes up to a year after a drawing becomes official.