Wednesday night's Powerball drawing has an estimated jackpot of $1.4 billion, but the actual amount a winner collects depends on factors including state taxes.

The Powerball jackpot climbed to a new high of an estimated $1.3 billion for Wednesday night's drawing, after no winner came forward on Labor Day.

Most winners choose the lump sum payout over a 29-year annuity, but hefty taxes and inflation steadily eat away at prize money.