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Do you feel lucky, lottery punk?

August 15, 2012

Well, with apologies to Dirty Harry, do you?

Tonight's jackpot for Powerball, which is played in 42 States, Washington, D.C., and the U.S .Virgin Islands, is $320 million, the fourth largest potential bonanza ever.

Powerball participating states via Powerball dot com Click image to go to an interactive version of the Powerball map.

The cash value if you win and want it in a lump sum is $213.3 million. Heck, it could grow even more as lottery fever heats up before tonight's drawing.

Yes, those are my tickets pictured below, although I can't say I'm feeling particularly lucky.

Still I felt compelled to pick up a few chances. Like many folks, I tend to buy lottery tickets when the payouts reach that "if only" level.

Powerball lottery tickets Aug 15 2012
And yes, close inspectors of my tickets, I did airbrush out some of the numbers.

I admit it. I don't want anyone playing my picks because if I happen to win I don't want to share! (Sorry, Mom, I know you raised me better than that, but it's $213.3 MILLION!)

Well, there's one person I'll have to share my winnings with in addition ot the hubby: Uncle Sam.

Remember lucky lottery punks, prize winnings are taxable income.

But at least here in Texas there's no state income tax to worry about eating deeper into my jackpot.

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The More Tax Posts tab at the top of this page will take you to, well, more tax posts. You also can search below for a tax topic. 

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TO WRAP UP 2026

It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill. 

You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings. 

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year. 

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

Comments
  • Nice post. I have two picks for tonight. I tell myself this is just a tax on the stupid as I buy my tickets for the various games here in IL (I usually play Powerball, Mega Millions, and the IL Lottery) during the week.

  • I use to work at a gas station that sold lottery tickets. When ever the jackpot got huge we would see a huge influx of sales. I always wondered why people were willing to spend a dollar or two to win 300 million but not that same amount to win 20 million. I feel like 20 million would still set you up for life! I play every week, every drawing- hopefully one day I’ll win and have to decide whether or not I want the lump sum or annuity payments! One day maybe…

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