Powerball: Winning $842M jackpot ticket sold in Michigan

What are the odds you win the lottery?

What are the odds you win the lottery? You're more likely to be struck by lightning.

The winning ticket as part of the Powerball's $842.4 million jackpot was sold in Michigan, according to lottery officials.

The winning numbers for the jackpot were drawn on New Year's Day after no one claimed the grand prize over the weekend. The cash value is $408.9 million.

The winning numbers are:

21 49 44 42 12 and the Powerball number is: 01

Power Play: 3x

Lottery officials haven't specified where exactly the winning ticket was sold or who the winner or winners are.

With the win, the jackpot is back at $20 million.

Say, if you don't win the top prize, don't throw away your tickets just yet. Lottery players with multiple matching numbers can score a decent consolation prize.

HOW MUCH DO YOU WIN AFTER TAXES?

There are 842 million reasons to dream, especially what you would do with the jackpot money. However, one thing all lottery winners have to take into account is the fact that their prizes will be taxed.

So how much do you really get after taxes?

It depends on a couple of factors: do you have to pay state taxes where you live? Will you take the lump sum payment or the annuity payout?

According to Powerball's website, those electing to take the annuity option are guaranteed to get 30 gradual payments over a 29-year period.

This story was reported from Los Angeles.