![]() But above all, take your time to figure out what's best for your situation.ĭON'T MISS: Want to be smarter and more successful with your money, work & life? Sign up for our new newsletter! You might have more urgent financial needs like high-interest debt or deferred home maintenance to attend to before you start thinking long-term. If you're looking for something more hands-on, your winnings could be your ticket into real estate investing. It's OK to have some fun with the money, but important to also make a plan or speak with a financial advisor about smart ways to use it.Įven if you have to take the money as a lump sum, you could turn it into long-term passive income with the right investment moves, such as putting some of it in a low-cost index fund like the S&P 500. And while it may not be a full $1 million, receiving a check for hundreds of thousands of dollars with no strings attached can be life-changing for a lot of people. ![]() Unlike the jackpot winner, these million-dollar prize winners may not have the option to stretch their winnings out over a period of time - they have to take a lump sum. The million-dollar prize automatically drops to $760,000 after getting taxed at the 24% federal rate, according to Powerball's tax calculator.Īnd unfortunately for winners in New Jersey and New York, that prize will get even smaller after at least a 10% tax - the highest in the country - is levied on the winnings, according to. Those California, Florida and New Hampshire winners are even luckier - they're in three of the eight states that don't charge state taxes on lottery winnings, so while they still won't see the full million or billion-dollar payout after federal taxes, they'll do better than winners in other states. The three $2 million prize winners live in Florida, Pennsylvania and Rhode Island, according to Powerball. The million-dollar winners live in the following states: Three other players won $2 million each with a Power Play - a prize multiplier players can purchase with their ticket for an additional dollar. They were among 36 players across 16 states who matched five numbers to win $1 million during the draw. But seven other California players got lucky too. ![]()
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