The Powerball jackpot soared to an estimated $1.8 billion on Friday. Here's what the winner can expect to pay in taxes.

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

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.