New Delhi, Aug. 12 -- a number that looks life-changing until taxes are subtracted.

59 p.m. Eastern. As CBS12 reported, the jackpot has since been revised upward to $1 billion as ticket sales for Wednesday accumulate across all participating jurisdictions.

The billion-dollar figure carries a considerably smaller number underneath it. Federal law requires Powerball to withhold 24 percent of any lottery payment exceeding $5,000 at the moment the winner collects, reducing the $433.1 million cash option to roughly $329 million before the winner has filed a form or retained legal counsel. That withholding does not settle the federal account. Winners landing in the top federal income bracket, as a $433 million lump sum virtually guarantees, o...