Let’s Talk About New York’s Newest Millionaire

Can you imagine thinking about how you are going to pay your utility bills as you drift off to sleep on a Wednesday night, then waking up Thursday morning as a multi-millionaire?

That is likely what one New Yorker recently experienced.

While no one won that jackpot in Wednesday night's Powerball drawing, there was one $2 million winner.

According to the Powerball website, one player matched all five numbers and the power play.  This entitles the winner to a $2 million prize (before taxes, of course).

How much will the winner get to keep?  According to the TaxAct lottery calculator, a $2 million winner in New York will be responsible for $656,400 in taxes.  That means he or she will walk away with $1,343,600.  Not too shabby!

We know the ticket was purchased in New York, but we are not sure which town it was purchased in.  Technically, we don't even know for sure that the winner is a New York resident.  It is possible that the person lives in New Jersey, Massachusetts, Connecticut, or Pennsylvania, but frequently travels to New York on a regular basis.

We have seen similar scenarios happen along the Maine/New Hampshire border.

As of 2024, 45 state lotteries participate in Powerball.  For decades, there were only two drawings per week.  Then, a few years ago, a Monday Powerball drawing was added to the Wednesday and Saturday drawings.

One of the big benefits of the additional drawing is how much quicker it increases the jackpot.

The jackpot for the drawing on Saturday, June 22, is $72 million.

What is the first thing you would buy if you won $2 million in the lottery?