Powerball jackpot: Georgia resident wins $2M in Christmas Day drawing

Powerball lottery tickets pictured inside a store in Homestead, Florida on July 19, 2023. (Photo by GIORGIO VIERA / AFP) (Photo by GIORGIO VIERA/AFP via Getty Images)

While Christmas may be over, a few Georgians are waking up with major Powerball prizes left in their stocking after the holiday's big drawing. 

Monday night's winning numbers announced were 5, 12, 20, 24, 29, and the Powerball 4.

No one across the country had all the matches, but one Georgian got match five with Power Play - meaning they've won $2 million.

Two other people in Georgia matched four numbers as well as the Powerball - winning them both $50,000.

With no full matches, Wednesday night's jackpot now sits at $685 million with an all-cash payout of about $345 million.

The last Powerball jackpot winning ticket was drawn in California in October when one lucky participant snagged the second-largest Powerball jackpot ever at $1.765 billion.

How is the Powerball jackpot determined?

The jackpot is based on revenue from ticket sales, so the more people who play the game, the faster the top prize grows. However, even though the current jackpot is advertised as $1.4 billion, the lottery has less than half that amount available for the top prize. That’s why the cash prize — which most winners take — would be $643.7 million.

Players also can choose an annuity, in which that $643.7 million would be paid to a company that would guarantee a return over 30 years of $1.4 billion. If a winner dies before collecting all their money, the remainder would go to the winner’s estate.

How much are you taxed in Georgia?

State lotteries will immediately deduct 24% of jackpot winnings for federal taxes, and additional federal taxes may be required when filing federal tax returns. In Georgia, the state income tax of 5.75% is withheld from prizes of $5,000 or more.

Players who buy winning grand prize tickets in a state different from where they live will pay taxes based on where they bought the ticket.

The Associated Press contributed to this report.