Single $842.4 million Powerball ticket sold in Michigan

LANSING, Mich. (WLNS/NEXSTAR) – A Powerball player who purchased a ticket in Michigan has won the fifth-largest jackpot in the game’s history.

The winning numbers in the New Year’s Day drawing were 12, 21, 42, 44, 49 and the Powerball was 1. The Power Play multiplier was 3X.

The jackpot, at $842.4 million, had been building since it was last won in October. The winning ticket was sold at the Food Castle in Grand Blanc, Michigan, according to the Michigan Lottery.

Monday night’s drawing also produced several second-tier prize winners. Two tickets, from Florida and Texas, won $2 million apiece. Four tickets, sold in California, Connecticut, Florida and Maryland, won $1 million prizes each. Forty-two tickets won $50,000 prizes, and seven tickets won $150,000 prizes. The jackpot has a cash value of $425.2 million.

Last-minute ticket sales pushed the jackpot to $842.4 million, making it the fifth-largest Powerball jackpot and tenth-largest U.S. lottery jackpot ever won. It is also the first time a Powerball jackpot has been won on New Year’s Day since the game’s start in 1992.

Here are the 10 largest Powerball jackpots:

$2.04 billion: Nov. 7, 2022; California
$1.765 billion: Oct. 11, 2023; California
$1.586 billion: Jan. 13, 2016; California, Florida, Tennessee
$1.08 billion: July 19, 2023; California
$842.4 million: Jan. 1, 2024
$768.4 million: March 27, 2019; Wisconsin
$758.7 million: Aug. 23, 2017; Massachusetts
$754.6 million: Feb. 6, 2023; Washington
$731.1 million: Jan. 20, 2021; Maryland
$699.8 million: Oct. 4, 2021; California

A winner would, however, receive much less than the advertised $842.4 million, or the $425.2 million lump sum.

Whether the winner takes the annuitized payouts or the cash prize, a large chunk is withheld for taxes. Though some states do not have a state lottery tax withholding, they all must withhold 24% in federal tax on prizes as large as this jackpot. With additional taxes, you’ll see roughly 37% of your prize money withheld, should you win.

If you’re lucky enough to win the jackpot, even if you’re splitting it, experts recommend moving quickly to assemble a team that includes an attorney, a tax advisor and a financial advisor. They also encourage protecting your ticket and keeping your victory a secret for as long as possible — which may be easier in states that allow jackpot winners to remain anonymous.

Powerball tickets are $2 each and sold in 45 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands. In addition to Mondays, drawings are held every Saturday and Wednesday at 10:59 p.m. ET. Players have a 1 in 24.9 chance of winning any Powerball prize.