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Tax man anxiously awaiting Powerball, Mega Millions winners

August 5, 2017

Meg White vintage megaphones via GiphyMeg White via Giphy

It's the first weekend of August and my life is bucking the "take the month off" trend. I've got work to do this Saturday. Plus, the hubby would like me to spend some time with him.

But I don't want to short-change you, my loyal readers of the ol' blog, so I'm initiating a new feature I'm calling Shout Out Saturday or, depending on the weekend day I take off, Shout Out Sunday.

Regardless of which weekend day it runs, the idea will be the same. Instead of me composing a new post, some weekends I'll give a shout out to another blogger's post or financial journalist's story that I know y'all will enjoy and find useful. 

So without further ado, Don't Mess With Taxes' first Shout Out Saturday is to Kelli B. Grant for her look at the potential tax bill on the Mega Millions jackpot.

Lottery mania: That's right. The lotteries are going crazy again.

In addition to Mega Millions, which nobody won last night and has now grown to $346 million, Powerball has $286 million awaiting the lucky player who can pick those numbers.

Powerball ping pong balls will be selected tonight, Saturday, and again Wednesday if there's no winner. Actually, the Wednesday drawing will be conducted even if there is a new Powerball millionaire tonight, but the smaller prize won't generate as much interest.

Mega Millions will try again to give away its huge jackpot on Tuesday.

While Grant's article uses the Aug. 4 Mega Millions amount for its tax calculation, the CNBC personal finance and consumer spending reporter still provides a good outline on what to expect tax-wise.

There's also a neat infographic showing what people say they'd do with their lottery windfalls … besides, of course, pay the taxes.

Me? I'd pay my tax bill, then hire a personal foot masseuse to come over every day and tickle my tootsies. TMI?

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TAX-SAVVY WAYS 
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.)

Credits/Deductions
Disasters
Family
Filing and Paying Taxes
Politics/Laws
Refunds
State Taxes
Tax Brackets/Inflation
Tax Tips
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