Powerball Label Sold In Michigan Wins $842 Million Jackpot
Topline A single ticket sold in Michigan won the $842.4 million Powerball jackpot on Monday evening—the first mountainous lottery purse of the contemporary yr and the fifth biggest in Powerball history—although the winner will rob dwelling a tremendously smaller quantity after paying their taxes. The first mountainous jackpot of the contemporary yr became once won
Topline
A single ticket sold in Michigan won the $842.4 million Powerball jackpot on Monday evening—the first mountainous lottery purse of the contemporary yr and the fifth biggest in Powerball history—although the winner will rob dwelling a tremendously smaller quantity after paying their taxes.
The first mountainous jackpot of the contemporary yr became once won by a Powerball ticket holder from Michigan.
Key Facts
Powerball said the a success ticket sold in Michigan became once the handiest one to match the six numbers drawn on Monday: 12, 21, 42, 44, 49 and crimson Powerball 1.
The winner now has to invent a different from receiving a $842.4 million payout unfold over 30 annual installments or a lump sum cash quantity of $425.2 million—most frequently the well-liked decide.
If the money prize is chosen, the winnings will drop to $323.15 million after an predominant federal tax withholding of 24%.
Reckoning on the winner’s taxable earnings for the yr, they could also simply face a federal marginal fee of as a lot as 37%, additional losing their rob-dwelling quantity to $267.87.
Michigan additionally withholds 4.25% of the final winnings for converse earnings tax, an $18 million deduction on this case.
If they pick the installment route the winner’s annual payments of around $28 million could seemingly drop to $17.7 million, if the 37% federal marginal fee is utilized.
Expressionless Reality
Monday’s winner had to overcome abysmal odds of 1-in-292.2 million to win the Powerball jackpot. Here’s moderately greater than the Mega Hundreds of hundreds jackpot’s even worse odds of 1-in-302.6 million.
Giant Quantity
4. That’s the final desire of billion-dollar jackpots won in 2023—all by single ticket holders—essentially the most in a single calendar yr. In total, there trust handiest been nine billion-dollar jackpots in U.S. history, one among which became once shared by three a success ticket holders.
Further Discovering out
Powerball Jackpot Hits $810 Million: Here’s How Mighty The Winner Would Win After Taxes (Forbes)
