The Mega Millions jackpot soared to $542 million—becoming the biggest lottery prize of the year so far—after no tickets matched all six numbers drawn on Tuesday night, although the eventual winner will take home a much smaller payout after taxes and deductions.

The six numbers drawn on Tuesday night were 26, 41, 50, 53, 62, and Mega Ball 12.

If a winner emerges in the next draw, they will have a choice between splitting the $542 million prize over 30 annual installments or taking a lump sum cash payout of $242 million—the preferred option for most winners.

If the winner chooses the cash payout, their winnings will first drop to around $183.9 million after a mandatory 24% federal withholding is applied.

The winner would likely face a federal marginal rate as high as 37%, depending on their taxable income, further reducing the winnings to around $152.5 million.

If the installments route is chosen, the winner’s annual payments of around $18.1 million would fall to $11.4 million after the 37% federal marginal rate is applied.

Depending on their place of residence, the winner could face additional taxes, as some states, such as New York, tax lottery winnings at 10.9%, while others, such as Texas, Florida, and California, don’t.

The next Mega Millions drawing is scheduled to take place on Friday night. The Powerball jackpot, which has risen to $375 million, will have its next drawing on Wednesday night.

A Mega Millions ticket buyer will need to overcome astronomical odds of 1-in-290.4 million to win the jackpot. This is slightly better than the Powerball jackpot’s even poorer odds of 1-in-292.2 million.

In March, a Mega Millions ticket sold in Illinois won a $533 million jackpot , which was the biggest lottery prize of the year before Tuesday night’s draw. The biggest Powerball jackpot of the year so far is a $250.8 million prize claimed by a lottery player from Arkansas.

Mega Millions Jackpot Nears $500 Million—Here’s What The Winner Could Take Home After Taxes (Forbes)