The Mega Millions lottery is making headlines again, and this time it’s raising eyebrows with an eye-watering jackpot of $520 million. That’s right, folks—$520 million! This colossal prize comes after nobody snagged the top spot in the latest drawing. On Tuesday night, the balls rolled out with the not-so-lucky numbers: 4, 8, 27, 37, 63, and Mega Ball 14. So if you’ve missed out on winning the big bucks, don’t worry. You’re in good company!

Now, if you’re daydreaming about cashing in on this gargantuan jackpot, brace yourselves. The odds of winning are about as likely as finding a needle in a haystack, with chances sitting at a staggering 1 in 290 million. But hey, all it takes is one lucky ticket to change a life forever, so the dream is still alive! If a winner emerges in the next drawing, they will face a choice: take the full $520 million over 30 years or snag a one-time lump sum of $240.1 million. Most folks tend to prefer the lump sum, keeping it manageable and hard to resist.

But wait—before you start planning your shopping spree or that vacation to a private island, there’s the federal government ready to take a slice of the pie. If the winner chooses the lump sum, they’ll see their winnings shrink down to about $182.5 million after a mandatory federal withholding of 24%. Adding to the fun, there’s a chance of paying as much as 37% in federal taxes, depending on one’s income. Yikes! So, what started as a tempting jackpot could end up at around $151.2 million after Uncle Sam takes his cut. Who knew winning could be so complicated?

For those brave souls choosing the installment option, they will receive annual payments of around $17.33 million. But again, don’t forget about the IRS knocking at the door! If the top marginal tax rate applies, they could end up with about $10.9 million per year. And don’t forget that state taxes could take another bite out of that windfall, especially in states like New York where lottery winnings can be taxed at 10.9%. Meanwhile, places like Texas and Florida won’t take a penny of your winnings.

As the lottery fever heats up, it’s worth noting that earlier this month, two Powerball ticket holders from Missouri and Texas shared a whopping $1.78 billion jackpot, setting records left and right. The second-largest jackpot of the year, a cool $526.5 million, went to a lucky winner in California back in March. Meanwhile, the biggest Mega Millions prize claimed so far remains at $349 million, won by an Illinois ticket holder this past March. Talk about competition in the lottery world! The next Mega Millions drawing is set for Friday night, so those hoping to dream big should make sure their tickets are ready. And if you need a little more action, the Powerball jackpot is currently a modest $174 million, with its next drawing Wednesday. Good luck, and may the odds be ever in your favor!