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?
You also might find these items of interest:
- 5 tax tips for lottery winners
- Don't bet on fooling IRS with bought losing lottery tickets
- June Powerball winning ticket bought in California, but state is tax loser