Another big betting day as Powerball and Preakness converge … and don't forget, winners, about the taxes!
Here we are again.
Eight weeks after gamblers were having a field day putting money on a big Powerball jackpot and March Madness college basketball games, we're back at another gambling convergence.
The possible Powerball winnings could pass the all-time U.S. jackpot amount of $656 million that was paid out as a Mega Millions prize, split three ways, in March.
If there is a Powerball winner tonight, the current jackpot's lump sum would be $376.9 million. As the amount increases, so does the amount available to the ultimate winner.And remember, you'll owe taxes on that lump sum.
As I've said many, many, many times before, I'll happily hand over Uncle Sam his share. So send your good thoughts the hubby's way, as he is charged with getting us a winning ticket!
Since Texas is a community property state, even though he's buying the Powerball slip, we'll get to share it equally. That's fine with me.
But we get a break on another consideration. Because there is no state income tax here in Texas, we won't have to worry about that tax bill.
Winning bettors on the second leg of horse racing's Triple Crown today in Baltimore also will owe taxes.
Although the horse industry is looking for changes from the Internal Revenue Service that would lessen the tax bite on pari-mutuel betting, that won't do today's picker of the Pimlico winner any good.So just remember, whether you win any of the lottery money or your trifecta ticket pays off, be sure to set aside an amount for the tax collector.
And good luck everybody!
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