Third-largest Mega Millions drawing set for Tuesday night

July 26 (UPI) -- The top cash prize for Tuesday night's Mega Millions drawing is now at an estimated $810 million, making it the third-largest amount in the history of that lottery.

Anyone lucky enough to claim the prize will have a choice of taking either 30 annual payments over 29 years, or a one-time lump sum cash payment of approximately $470.1 million.

However, the $470.1 million option comes with a hefty tax bill.

A winner with no other income would end up handing over more than $61 million to the IRS. Adjusting for a mandatory 24% federal withholding tax as well as standard income tax would leave a potential winner with approximately $296.2 million. That figure does not take into account any applicable state taxes.

The jackpot is up from $790 million after the previous draw Friday ended without a winner.

Mega Millions tickets are sold in 45 states, Washington, D.C., and the U.S. Virgin Islands.

The odds of winning the jackpot are 1 in 303 million.

The largest Mega Millions jackpot was $1.537 billion on Oct. 23, 2018. The winning ticket was sold in South Carolina.

Tuesday's draw takes place at 11 p.m. EDT in Atlanta.