(WTNH) – A big Powerball drawing is happening on Wednesday night. The jackpot is the second largest in the history of the game at $1.2 billion.

So, how much would you actually win if you won the jackpot?

The odds of winning the jackpot are 1 in 292.2 million, and it’s the largest Powerball jackpot in 6 years. But, it turns out, your earnings will be nowhere close to $1 billion.

You may think you’re winning more than one billion dollars, but you’ll face hefty taxes. Sara Spodick with Quinnipiac’s Tax Clinic says if you take the lump sum, you’d be paying the maximum federal tax of 37%, then Connecticut’s 6.99% state tax.

“You would be left with $334,249,670,” Spodick said. “So, it’s still a tremendous amount of money, but that’s not 1.2 billion.”

If you pot for the annuity, you could receive $40 million each year for the next 30 years.

“Over time, the annuity would probably be a better choice at this point, and that has to do with the way that interest rates are currently fueling this annuity,” Spodick said.

Connecticut Lottery officials say the state tax goes back to helping residents.

“After we pay all of our expenses, the remainder goes directly into the general fund,” said Tara Chozet, CT Lottery.

Breaking down the numbers from last year, Connecticut sold $64 million in Powerball tickets, and more than $26 million was transferred to the state’s general fund. The total amount from all lottery games transferred to the general fund was $418 million.

“So, really, every purchase of a Powerball ticket, some fraction of it after expenses goes back to the state,” Chozet said.

Spodick encourages any Powerball winner to contact a trusted financial and tax adviser before stepping into the door of the Connecticut Lottery Commission.