The winner of the $1.58 billion Mega Millions jackpot may get less than $500 million after taxes if they take the lump-sum option

• One lucky person in Florida won a $1.58 billion Mega Millions jackpot on Tuesday night.
• If the winner opts to take the lump sum amount, they will receive $783.3 million before taxes.

The winner of the $1.58 billion Mega Millions jackpot may get less than $500 million after taxes if they take the lump-sum option.

After 31 drawings, one lucky person in Florida won the Mega Millions jackpot on Tuesday night, according to an official statement. It is the third-largest-ever jackpot in US history.

"A single ticket sold in the state matched all six numbers in the August 8 drawing – the white balls 13, 19, 20, 32, and 33, plus the gold Mega Ball 14," the statement said.

The person's identity has not yet been revealed.

It is also unclear whether they will opt to receive a payout spread over 30 annual installments or a lump sum amount of $783.3 million, though most people usually choose the lump sum.

If the winner were to choose the one-time payment of $783.3 million, the total amount could be reduced by around $289.8 million, making it $493.5 million, Forbes reported.

This is because of a mandatory federal tax, which would withhold 24% of the amount plus any additional taxes based on their income.

If the winner were to choose the installments route, their annual payments of around $52.6 million would be slashed to around $33.1 million.

The win was the first time the Powerball jackpot had been won since April. The odds of winning the Mega Millions jackpot is one in 302.6 million.

The Powerball jackpot offers slightly better but still astronomical odds of one in 292.2 million.