Win the $1 billion Powerball jackpot in NJ? No one has to know anymore
As the Powerball jackpot grows to an annuity value of $1 billion for Monday night’s drawing New Jersey law allows you to not tell a soul if you win.
There has been no jackpot winner since Aug. 3 when a Pennsylvania player matched the five white balls and the power ball. There have been 37 Powerball drawings in a row since then without a grand prize winner.
The annuity value of the jackpot, the fifth largest jackpot in U.S. lottery history and second highest Powerball grand prize, has a cash value of $497.3 million.
You'll still need to sign your ticket and present it to the lottery in order to claim the jackpot. But a bill signed in 2020 by Gov. Phil Murphy requires the state to keep the identity of prizes over $600 private, including documents that come under the state's Open Public Record Act.
Winners are still responsible for all state and federal taxes. The state will share the winner's identity with state agencies to check for unpaid obligations such as child support and taxes.
Keeping the win to yourself
Toms River-based certified financial planner Lou Scatigna, also known as The Financial Physician, said if he won any large lottery prize he'd stay anonymous.
"The biggest concern is that when people know who you are, you're prey. People will be trying to track you down, want you to give to their charity, want to scam you, want you to invest in their businesses. You get incredible harassment," Scatigna said.
The last Powerball winning jackpot won in New Jersey was in January 2021 when a jackpot with an annuity value of $23 million was won by a ticket sold at a Quick Mart in Clifton. The same convenience store at 155 Lakeview Ave. also sold one of two tickets in the drawing that matched five of the five white balls winning a $1,000,000 second-tier prize.
A Mega Millions jackpot with an annuity value of $202 million was won by a ticket sold at a Quick Stop on Inman Avenue in Edison.
Lou Scatigna hosts "The Financial Physician" program Sunday 7 a.m. - 9 a.m. on WOBM-FM, which like New Jersey 101.5 is owned by Townsquare Media.
Dan Alexander is a reporter for New Jersey 101.5. You can reach him at email@example.com
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