Tonight’s Powerball lottery drawing promises to give out at least $550 million to the lucky winner (or winners). This is the highest Powerball jackpot in U.S. history and the second-highest American lottery jackpot ever, meaning that someone might just make history tonight.

But when and where to watch Powerball? Tune into your local channel at exactly 10:59 p.m. EST to see the winning numbers.

So how did the Powerball jackpot get so high? In part, because prices were raised.

"Back in January, we moved Powerball from being a $1 game to $2," Mary Neubauer, a spokeswoman for the Iowa Lottery, told ABC News. "We thought at the time that this would mean bigger and faster-growing jackpots."

Previously, the biggest Powerball jackpot was $365 million, which was split among eight co-workers from Lincoln, Neb., in 2006.

According to ABC, about 80 percent of Powerball players let the computer choose their numbers.

For all of you out there who are already counting what to do with your earnings, winners can choose to take the $550 million prize doled out over 30 years ($18.3 million each year) or choose a lump sum payment of $360.2 million all at once. 

Of course, you’ll also have to factor in state and federal taxes on your winnings. If you take the lump sum, expect to lose 25 percent (or $90 million) to taxes right off the bat. Following that, state taxes can range as high as 10.8 percent in New Jersey, though some states have no taxes on lottery winnings. Expect to pay, at the most, $39 million, in state taxes. 

Your final take-home if you go with the lump sum? $231 million. Taking the annual payments can leave you with anywhere from $353 million to $412 million depending on state taxes, according to usamega.