The Wednesday drawing reset to an estimated $20 million jackpot with a cash option of $14.2 million after the fifth-largest prize in Powerball history was won on Monday night.

The next drawing will take place on Saturday and will see the jackpot grow to an estimated $31 million with a cash option of $22 million.

The winning lottery numbers drawn on Wednesday night were 1, 17, 52, 58, 64, with a red Powerball pull of 1. The PowerPlay was 10X.

Although there was no grand prize winner following the latest lottery drawing, one player became an instant millionaire.

A player from Pennsylvania matched five numbers and won a $1 million prize. However, the player didn’t play the Match 5 with the 10X Power Play and missed the chance to win $2 million.

Several smaller monetary prizes also resulted from the Wednesday Powerball drawing. There were 10 players who hit the Match 4 plus red Powerball and won $50,000 each.

Meanwhile, none of the players matched four numbers plus the red Powerball with a 10X Power Play, which means they missed out on the chance to win $500,000. The rest of the prizes from the night ranged between $4 and $1,000.

The latest Powerball drawing comes after someone in California hit the Monday night jackpot worth an estimated $699.8 million with a cash value of $496 million.

Powerball jackpot winners can receive the grand prize through a one-time lump sum payment or an annuity. Players who select the annuity receive one immediate payment followed by 29 annual payments, which increase by 5% each year.

Since most players typically go for the one-time lump sum payment, which would be the $496 million cash option, when the player claims their grand prize, they will most likely go home with way less than the jackpot amount.

The winner from California can expect to have a 24% federal tax withholding from their grand prize, which is equivalent to about $119 million. The tax would leave the player with an estimated $377 million.

However, the player can also expect to shell out even more money around tax time. The winner will likely fall into the top marginal income tax rate of 37% and owe the IRS.

Powerball is played in 45 states, including Washington, D.C., as well as Puerto Rico, and the U.S. Virgin Islands.

Powerball ticket
In this photo, a person holds a ticket for the Powerball lottery in Los Angeles on Feb. 9, 2015. Reuters/Jonathan Alcorn
MEET IBT NEWS FROM BELOW CHANNELS

© Copyright IBTimes 2022. All rights reserved.