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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
Additionally, the value of non-cash charitable contributions is limited to 50% of your adjusted gross income, which can be a "real hassle" if you're donating a newer used car, which are "valuable right now," he said. The donor must include the 1098-C when they file their individual tax return, and detail the donation on Schedule A. If you made more than $5,000 in non-cash charitable contributions, you'll also fill out Form 8283, Lucas said. Even if you don't see a tax benefit, you relieve the charity of the effort and expense of repairing and selling the car. How to vet a nonprofit for a car donationIf you plan to donate a car, make sure the organization is a 501(c)(3) organization, Campo explained.
Persons: Manusapon, Albert J, Lucas, you'll, Campo Organizations: AJC Accounting Services, IRS Locations: Manalapan , New Jersey
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
CNN —Just days after three New Jersey public school systems simultaneously enacted policies requiring educators to notify parents of changes in their children’s gender identity, the state is pursuing legal action. New Jersey State Attorney General Matthew Platkin announced the complaints against the Middletown Township, Marlboro Township and Manalapan-Englishtown Regional boards of education, all in Monmouth County. When contacted by phone on Friday, a representative of the Manalapan-Englishtown Regional School District declined to comment on the matter. CNN has reached out to the Middletown Township Public School District. In May, state officials also filed a civil rights complaint after similar changes were enacted at the Hanover Township Board of Education.
Persons: CNN —, Matthew Platkin, , Platkin, Marc H, Zitomer, , ” Zitomer, Valentina Mendez, Mendez, We’re Organizations: CNN, New, New Jersey Superior Court, Englishtown Regional School, Public School District, Marlboro Townhip Board of Education, Marlboro Public School, , Marlboro, of Education Locations: Jersey, New Jersey, Middletown Township, Marlboro Township, Manalapan, Monmouth County, Middletown, Marlboro, Hanover Township
Want to Make Your Mom Happy? Tell Her She Was Right.
  + stars: | 2023-05-12 | by ( Jancee Dunn | ) www.nytimes.com   time to read: +1 min
If you’re in need of a Mother’s Day gift, try making a list of everything your mom was right about and reading it to her or including it with a card. And if you’ve lost your mother, consider writing a list as a remembrance. Here are a few reader responses to inspire you:Quotes have been edited for clarity and length. “When I wanted to get my first tattoo at 21, she subtly suggested I get it someplace where I did not have to see it every day. My mom gently reminded me that I should always be running toward something, not away from something.” — Sheryl Magzamen, Fort Collins, Colo.⬥“Select friends with traits of the kind of person you want to be.” — Seun Sowemimo, Manalapan, N.J.⬥
In addition to 87 more Bed Bath & Beyond stores, the company now says it will close all of its remaining Harmon health and beauty stores, and five Buybuy Baby stores. San Leandro: 15555 East 14th St., Suite 24015555 East 14th St., Suite 240 Burbank: 201 East Magnolia Blvd. Marina: 117 General Stilwell Drive117 General Stilwell Drive Vallejo: 105 Plaza Drive, Suite 107105 Plaza Drive, Suite 107 * Palm Desert: 72459 Highway 11172459 Highway 111 * Visalia: 3125 South Mooney Blvd. Arterial * Coralville: 2515 Corridor Way Suite 5Kansas:Lawrence: 3106 S. Iowa St., Suite 2153106 S. Iowa St., Suite 215 Manhattan: 425 3rd Place425 3rd Place * Olathe: 15335 W. 119th St.Kentucky:Elizabethtown: 1998 N. Dixie Ave.1998 N. Dixie Ave. New Hartford: 4805 Commercial Drive4805 Commercial Drive Kingston: 1187 Ulster Ave.1187 Ulster Ave. Plattsburgh: 73 Centre Drive, Suite 10073 Centre Drive, Suite 100 Farmingdale: 251 Airport Plaza Blvd.
Bed Bath & Beyond released an updated list of store closures set to take place by March. San Leandro: 15555 East 14th St., Suite 24015555 East 14th St., Suite 240 Burbank: 201 East Magnolia Blvd. ArterialKansas:Lawrence: 3106 S. Iowa St., Suite 2153106 S. Iowa St., Suite 215 Manhattan: 425 3rd PlaceKentucky:Elizabethtown: 1998 N. Dixie Ave.1998 N. Dixie Ave. New Hartford: 4805 Commercial Drive4805 Commercial Drive Kingston: 1187 Ulster Ave.1187 Ulster Ave. Plattsburgh: 73 Centre Drive, Suite 10073 Centre Drive, Suite 100 Farmingdale: 251 Airport Plaza Blvd. Wisconsin:Mequon: 11110 N. Port Washington RoadPuerto Rico:Bayamon: Plaza Del Sol, 725 West Main Ave.Do you work for Bed Bath & Beyond?
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.
A Connecticut college basketball star was fatally shot over the weekend at a New Jersey nature preserve, according to officials. Phil Urban, a 6-foot-6 forward at Post University in Connecticut, was shot in Hopewell Township, New Jersey, on Saturday, about 30 miles away from his native Manalapan Township. Post University CEO & President John L. Hopkins said the community was "heartbroken" to learn of Urban's death. Urban was a freshman, according to Post University’s 2022-23 basketball roster. Post University's basketball team welcomed him back in April on Twitter, calling him a “skilled wing” who “can play multiple positions.
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.
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.
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.
Bed Bath & Beyond is closing around 150 stores and laying off staff. It has now named 56 of the stores set to close across 21 states. By laying off staff and closing the stores, the company said it planned to reduce costs by $250 million in 2022. Sales in the second quarter had slumped roughly 26% compared to the same period in 2021, Bed Bath & Beyond said in preliminary earning results. The struggling retailer has now revealed the location of 56 of the stores being closed, spanning 21 states and Puerto Rico.
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