$1.4 Billion Powerball: What It Adds Up To In New York

BY PATCH STAFF

With no jackpot winner in Saturday night’s near $950 million Powerball drawing, the stakes for Wednesday have crossed the $1 billion mark. With an anticipated $1.3 billion now on the line, the jackpot in the multistate lottery is officially the highest in history.

But, just how much would that $1.3 billion really add up to after the government gets its share?

The folks at USAMega.com crunched the numbers for each of the states that participate in Powerball, including New York. After factoring in a 8.82 percent state tax and a 25 percent federal tax, the site’s analysts say if a Connecticut resident happens to pick Wednesday night’s numbers, he or she would be $533.4 million richer if a lump sum payout were selected. The annuity payout over 30 years would net a New Yorker an average of $28.7 million a year. The total payout over 30 years is estimated at $860.3 million.

While there were no jackpot winners in Saturday’s drawing, three second place tickets worth $1 million were sold in New York, including one in Smithtown.

Wednesday’s $1.3 billion drawing takes place at 10:59 p.m. Ticket sales stop at 10 p.m.

Powerball is played in 44 states, Washington, D.C., Puerto Rico and the U.S. Virgin Islands.

What would you do with that much money? Tell us by commenting below!