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☆ Winning ticket for Mega Millions $1.128 billion jackpot sold in New Jersey — here’s how much the winner will owe in taxes
▼ + stars: | 2024-03-27 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

There is officially one winner for the $1.128 billion Mega Millions jackpot — and the taxman will take a sizable share, experts say. A single ticket sold in New Jersey won the game's fifth-largest grand prize after matching all six numbers drawn Tuesday night, Mega Millions announced Wednesday. The final jackpot dropped from an estimated $1.13 billion to $1.128 billion based on actual ticket sales. The lucky winner will choose between two options: an annuitized prize worth $1.128 billion or a lump-sum payout of $536.6 million cash. New Jersey taxes prizes over $10,000 and the winner will owe millions to the state, including a mandatory withholding, on top of their federal tax bill, he said.

Persons: Albert Campo Organizations: Mega, Finance, AJC Accounting Services Locations: New Jersey, Manalapan , New Jersey . New Jersey, California, Florida , New Hampshire, South Dakota , Tennessee , Texas, Washington and Wyoming

However, you may still owe taxes if you made a profit on resold Taylor Swift tickets, experts say. While third-party payment apps won't report as many business transactions to the agency this year, you are still required to pay taxes on profits, including resold concert tickets. "The big thing this past year was selling Taylor Swift concert tickets," said certified financial planner Tommy Lucas, an enrolled agent at Moisand Fitzgerald Tamayo in Orlando, Florida. 'If you want to follow the law ... report it'Ticket profits have always been taxable, and this may affect those who resold Taylor Swift concert tickets this summer. Keep copies of your purchase receipts for goods you later resell, such as those Taylor Swift tickets, since tax liability will be based on your sales proceeds minus the original purchase price.

Persons: Taylor Swift, Buda Mendes, tas23, Tommy Lucas, Moisand Fitzgerald Tamayo, Swift, Taylor, Lucas, James Guarino, Baker Newman Noyes, it's, Albert Campo Organizations: Getty, IRS, PayPal, TicketMaster, Accounting Services, CNBC Locations: Orlando , Florida, Boston, New Jersey

☆ 3 things you can learn about taxes from San Francisco 49ers' Arik Armstead's paycheck
▼ + stars: | 2023-11-06 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

Arik Armstead of the San Francisco 49ers at the NFC Championship game against the Philadelphia Eagles on Jan. 29, 2023. While the pay stub showed gross earnings of more than $4 million year to date, experts say it holds lessons for everyday taxpayers. While it's possible to withhold less than you'll owe, you could risk underpayment penalties on top of a sizable income tax bill in April. Max out your 401(k) to save on taxesIn addition to significant tax withholdings, Armstead also maxed out his workplace retirement plan for 2023. But you can reduce your adjusted gross income with pre-tax 401(k) contributions, experts say.

Persons: Arik Armstead, Kevin Sabitus, Sam, Armstead's, Albert Campo, Armstead, Tommy Lucas, Moisand Fitzgerald Tamayo, Lucas, Armstead's withholdings, John Loyd, Max Organizations: San Francisco 49ers, NFC, Philadelphia Eagles, Getty, Finance, Social Security, AJC Accounting Services, CFP Locations: Manalapan , New Jersey, California, Orlando , Florida, Florida, Texas, Fort Worth , Texas

☆ ‘It’s massively welcome.’ What to know about the latest 1099-K tax reporting change for Venmo, PayPal
▼ + stars: | 2022-12-27 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

If you're worried about getting a tax form from payment apps like Venmo or PayPal , you're now less likely to receive one for 2022 — thanks to a change from the IRS. The agency on Friday announced a one-year delay for a new tax reporting rule, requiring payment services to issue Form 1099-K for business transfers over $600, and many tax experts have applauded the change. Before 2022, taxpayers and the IRS received 1099-Ks when payments crossed a threshold of more than 200 transactions worth an aggregate above $20,000. More from Personal Finance:IRS delays tax reporting change for 1099-K on Venmo, Paypal business paymentsFrom 'quiet quitting' to 'loud layoffs,' will career trends continue in 2023? He said the one-year delay for the federal 1099-K tax reporting change gives taxpayers more time to prepare.

☆ Tax pros ‘expecting the worst' with Venmo, PayPal tax reporting change. How to handle a 1099-K for personal payments
▼ + stars: | 2022-12-16 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

As the tax season approaches, many Americans are bracing for a new reporting change for third-party payment networks like Venmo or PayPal. Starting in 2022, you'll receive Form 1099-K, which reports income to the IRS, for business payments over $600. But experts say it's possible you'll receive 1099-Ks for personal transfers by mistake. "As tax preparers, we are more or less expecting the worst," said Albert Campo, a certified public accountant and president of AJC Accounting Services in Manalapan, New Jersey. But the American Rescue Plan Act of 2021 dropped the threshold to just $600.

☆ 'Early filers' should wait to submit their tax return in 2023, the IRS warns. Here's why
▼ + stars: | 2022-12-12 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

If you're eager to file your 2022 tax return in January or early February, the IRS has a warning: You'll need to wait for "key documents" before filing in 2023. In a release last week, the IRS urged "early filers" to watch for Form 1099-K, which reports income for third-party payment networks such as Venmo or PayPal. "A little extra caution" could save time and effort, the agency said, because if you don't report 1099-K income, you may owe money and need to file an amended return. That means tax filers should build in a little time to allow for slow or misdirected mail. If you've recently moved, for example, it's possible third-party payment networks still have your previous address on file and send 1099-Ks to the wrong place, he said.

☆ You may get a 1099-K for Venmo and PayPal payments. Here's how to prepare — and shrink your tax bill
▼ + stars: | 2022-12-10 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

If you've accepted payments via apps such as Venmo or PayPal in 2022, you may receive Form 1099-K, which reports income from third-party networks, in early 2023. "There's no change to the taxability of income," the IRS noted in a release Tuesday about preparing for the upcoming tax season. Before 2022, you may have received a 1099-K if you had more than 200 transactions worth an aggregate above $20,000. More from Personal Finance:IRS warns about new $600 threshold for third-party payment reportingTax 'refunds may be smaller in 2023,' warns IRS. Here's what to know about reporting 1099-K payments on your return and how to reduce your tax liability.

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