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☆ IRS expects ‘a million returns' every hour on Tax Day, commissioner says. What last-minute filers need to know
▼ + stars: | 2024-04-15 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

If you're missing tax forms, the tax deadline is your last chance to file an extension, which pushes the filing deadline to Oct. 15. Sean Lovison Founder of Purpose Built Financial ServicesAccording to the IRS, those who can't pay taxes by the deadline have options. Most Americans qualify for IRS Free File, which offers free guided tax prep software from several partners. "It's a product that we're very proud of," Tim Hugo, executive director of the Free File Alliance previously told CNBC. This season, millions of taxpayers also qualify for IRS Direct File, a free tax filing pilot program from the IRS.

Persons: Sean Lovison, Werfel, Tim Hugo Organizations: IRS, Alliance, CNBC, Treasury Locations: filers, Maine, Massachusetts, Philadelphia, Arizona , California, Florida , Massachusetts, Nevada , New Hampshire , New York, South Dakota , Tennessee , Texas, Washington and Wyoming

☆ 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

☆ Mega Millions jackpot hits $1.1 billion — and the big winner could face these costly pitfalls
▼ + stars: | 2024-03-25 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

However, you must redeem the winning ticket in the state where you bought it, meaning an out-of-state purchase in a high-tax state could trigger a bigger bill. But the annuity payout could save on future state taxes, depending on where you choose to live, Stoltmann said. Otherwise, anyone who holds the winning ticket can file a claim to collect the proceeds. Avoid a 'legal catfight' on shared ticketsYou could also have winning ticket issues when pooling money with friends or co-workers, according to Stoltmann. "The nastiest legal catfights happen when a group of people buy a ticket together" and one person claims they bought the winning ticket alone, he said.

Persons: Justin Sullivan, Uncle Sam, Andrew Stoltmann, Stoltmann, Michael Whitty, Smith, Gambrell, Russell, there's Organizations: Getty Locations: Chicago, California, Florida , New Hampshire, South Dakota , Tennessee , Texas, Washington, Wyoming

☆ Mega Millions sixth-largest jackpot hits $792 million—how much you'd actually take home in every U.S. state
▼ + stars: | 2024-03-14 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

Mega Millions jackpot prize has grown to $792 million ahead of Friday night's draw — its sixth highest total ever. To win the jackpot, you'll need to match numbers with all five white balls, plus the gold Mega Ball. If you win, you can take a 30-year annuity for the full jackpot amount, or an upfront cash lump sum that's worth about 48% of the jackpot. While the lump sum is much less than the annuity, winners often choose that option since they receive more money right away. The prize amounts for both lump sum and annuity amounts are calculated by usamega.com.

Persons: you'll, usamega.com Organizations: Internal Revenue Service, D.C Locations: California, Florida , New Hampshire, South Dakota , Tennessee , Texas, Washington and Wyoming, Washington

☆ Here's how to pick the best free tax filing option this season
▼ + stars: | 2024-02-04 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +4 min

IRS Free FileA public-private partnership between the IRS and Free File Alliance, a nonprofit comprised of tax software companies, IRS Free File offers free guided tax prep software for eligible filers. If you're comfortable with tax software, Free File has eight partners this season, with varying income eligibility — and some offer free linked state filings. Volunteer tax prep from IRS programsIf you're looking for more guidance, you may also qualify for free tax prep from IRS programs with trained volunteers. The Volunteer Income Tax Assistance, or VITA, program offers free tax prep for taxpayers typically making up to $64,000, in addition to filers with disabilities and limited English proficiency. AARP Foundation Tax-Aide also offers free tax prep for low- to moderate-income older adults.

Persons: Tim Hugo, Hugo, Steven Hamilton Organizations: U.S . Bureau of Labor Statistics, Taxpayers, IRS, Alliance, National Taxpayer, Volunteer, Internal Revenue, The George Washington University, Social Locations: Arizona , California, Florida , Massachusetts, Nevada , New Hampshire , New York, South Dakota , Tennessee , Texas, Washington and Wyoming

The Direct File pilot program is rolling out in stages. The agency estimates that several hundred thousand taxpayers are eligible for the initial rollout in the 2024 tax season. Four other states that have a state income tax also are part of the pilot program — Arizona, Massachusetts, California and New York. In those four, state tax agencies will help people directly file their state taxes as well. “Direct File is one step toward getting the IRS in line with 21st century tax administration,” Olson said.

Persons: “, Danny Werfel, Nina Olson, ” Olson, Werfel, Tania Mercado, ” Robert Nassau, preparers, ” Organizations: WASHINGTON, IRS, Center for Taxpayer Rights, Organization for Economic Cooperation, Development, Republicans, Intuit, Low, Clinic, Syracuse University College of Law Locations: Florida , New Hampshire , Nevada , South Dakota , Tennessee , Texas, Washington, Wyoming, Arizona , Massachusetts, California, New York, Germany, Japan

☆ 2023 income tax return: Here’s what you need to know before you file
▼ + stars: | 2024-01-28 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +8 min

New York CNN —Come Monday, the IRS will start accepting and processing 2023 federal income tax returns. Pull out your return from last year: Your 2022 tax return will give you a good starting point for figuring out what documents you need to have handy to fill out this year’s return, said Tom O’Saben, director of tax content and government relations at the National Association of Tax Professionals. Here is a list of the most common and costly tax return mistakes the IRS has seen over the years. Lastly, the program cannot be used to file your state returns, so you’ll have to do that separately but your state may have its own free file program. (More details on the federal Direct File program are here.)

Persons: Tom O’Saben, you’ve, ” O’Saben, O’Saben, didn’t, you’re, filers, Katie Lobosco, Tami Luhby Organizations: New, New York CNN, IRS, Patriots, National Association of Tax, Social Security, Child, filers, Social Locations: New York, Maine and Massachusetts, brokerages, Arizona , California, Florida , Massachusetts, Nevada , New Hampshire , New York, South Dakota , Tennessee , Texas, Washington and Wyoming

☆ IRS set to launch its free tax-filing pilot program for some taxpayers. Here's what to expect
▼ + stars: | 2024-01-26 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

Known as Direct File, the agency's free filing software pilot will begin as an invitation-only service for a group of government workers before rolling out to certain taxpayers in 12 states by mid-March. Direct File comes after a feasibility report authorized by the Inflation Reduction Act. Internal Revenue ServiceDirect File is 'starting small' with 12 statesThe IRS Direct File pilot intentionally starts with a limited group of taxpayers with relatively simple filings, according to IRS officials. While Direct File won't cover state returns, Arizona, Massachusetts and New York residents can immediately continue to state filing by importing Direct File data. While only certain taxpayers can use Direct File, the bilingual software includes built-in live chat support with IRS assistors.

Persons: Daniel Werfel, Kevin Lamarque, Laurel Blatchford, Danny Werfel, Werfel Organizations: Reuters, U.S . Department, Treasury Department, IRS, CNBC, Internal Revenue, Social Locations: Arizona , California, Florida , Massachusetts, Nevada , New Hampshire , New York, South Dakota , Tennessee , Texas, Washington and Wyoming, Arizona , Massachusetts, New York, California

☆ IRS set to launch its free tax filing pilot program
▼ + stars: | 2024-01-25 | by ( Katie Lobosco | ) edition.cnn.com time to read: +6 min

Washington CNN —When tax filing season opens on January 29, some taxpayers will have the option of filing their 2023 federal tax returns with a brand new, government-run system. The law required the IRS to complete a cost and feasibility study about developing a free, electronic tax filing system, which it released in May. If the pilot program is successful, Direct File could eventually rival competing services in the private market. This screenshot shows the Internal Revenue Service's free tax filing pilot. It offers step-by-step guidance, in both English and Spanish, to taxpayers filing their federal tax returns by posing questions about their income and tax situations.

Persons: Danny Werfel, haven’t, Biden Organizations: Washington CNN, IRS, Democrat, Congress, Internal Revenue, Social Security, Taxpayers, Republicans Locations: Arizona , California, Florida , Massachusetts, Nevada , New Hampshire , New York, South Dakota , Tennessee , Texas, Washington and Wyoming

WASHINGTON (AP) — The IRS plans to invite select taxpayers across 13 states to try out the agency's pilot electronic free file tax return system beginning in January. The agency estimates that hundreds of thousands of taxpayers will participate in the limited rollout of the program for the 2024 filing season. The IRS faces intense blowback from private tax preparation companies that have made billions from charging people to use their software. The introduction of a government-run option could upend the industry and fundamentally change the way taxpayers interact with IRS. The states are “really blazing the trail for this exciting project and finding a way for state filing to work within the context of this, ” Zucker said.

Persons: Daniel Werfel, ” Werfel, Werfel, ” Derrick Plummer, Joe Biden, Gabriel Zucker, ” Zucker, that’s, ” Organizations: WASHINGTON, IRS, Intuit, America, Arizona’s Department of Revenue, New York’s Department of Taxation, Finance, Taxpayers, “ Locations: Arizona , California , Massachusetts, New York, Alaska, Florida , New Hampshire , Nevada , South Dakota , Tennessee , Texas, Washington, Wyoming

☆ IRS to offer free 'Direct File' pilot to some taxpayers in 13 states for 2024 tax season. Here's who qualifies
▼ + stars: | 2023-10-17 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

The IRS on Tuesday unveiled more details about its direct filing pilot program launching for the 2024 tax season. Known as Direct File, the pilot will allow certain taxpayers to electronically file federal tax returns for free directly through the IRS, the agency told reporters on a press call. Starting in 2024, Arizona, California, Massachusetts and New York will integrate state tax filings into the pilot program. "This will help us gather important information about the future direction of the Direct File program." After filing federal returns through Direct File, the software will direct taxpayers to state-sponsored tools to complete separate state filings.

Persons: Gen Z, Danny Werfel Organizations: IRS, Taxpayers, Finance Locations: Arizona , California , Massachusetts, New York, Alaska , Florida , New Hampshire , Nevada , South Dakota , Tennessee , Texas, Washington, Wyoming

☆ Powerball's jackpot rises to $420 million—here's the after-tax payout for every U.S. state
▼ + stars: | 2023-09-01 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

Powerball's jackpot has risen to a sizable $420 million ahead of Saturday night's draw, although the take-home amount will vary based on your choice of payout and the state taxes where you live. All winners have to pay federal taxes, which includes an automatic withholding tax of 24% levied against the winnings. However, winning millions of dollars will almost certainly put you in the top income tax bracket for 2023, which means another 13% in federal taxes when you file your tax return. You'll likely have to pay state income taxes on those winnings as well, which range from 2.9% to 10.9% depending on which state you live in. However, eight states don't charge income tax on lottery winnings: California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming.

Persons: You'll Organizations: D.C Locations: California, Florida , New Hampshire, South Dakota , Tennessee , Texas, Washington and Wyoming, Washington

☆ Mega Millions jackpot climbs to $820 million—here's how much you'd actually take home in every U.S. state
▼ + stars: | 2023-07-25 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

You may have missed out on Powerball's $1.08 billion jackpot prize, but there's still $820 million up for grabs with Mega Millions' next draw Tuesday night at 11 p.m. But then there's taxes. For either payout option, you'll pay an automatic 24% federal withholding tax on your winnings. That means you'd almost certainly pay another 13% in taxes when you file a 2023 tax return. Eight states don't charge income tax on lottery winnings: California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming.

Organizations: Millions, D.C Locations: California, Florida , New Hampshire, South Dakota , Tennessee , Texas, Washington and Wyoming, Washington

☆ Buttermilk trail: Woman found dead on Montana trail following apparent bear encounter, wildlife officials say
▼ + stars: | 2023-07-24 | by ( Melissa Alonso | ) edition.cnn.com time to read: +1 min

CNN —A portion of the Custer Gallatin National Forest in Montana is closed after a woman was found dead following an apparent bear encounter, wildlife officials said. Grizzly bear tracks were found near the woman’s body, which was discovered Saturday on the Buttermilk Trail, west of the town of West Yellowstone, Montana Fish, Wildlife & Parks said in a statement. “The Custer Gallatin National Forest has issued an emergency closure of the Buttermilk area for human safety,” the statement said. Grizzly bear populations have expanded in the area in recent years, the statement from wildlife officials said. Montana wildlife officials are urging people to be “bear aware,” including carrying and knowing how to use bear spray, traveling in groups when possible and never approaching a bear.

Persons: “ Organizations: CNN, Custer, Custer Gallatin National Forest, Wildlife, Parks, Interagency, Bear Committee Locations: Custer Gallatin, Montana, West Yellowstone , Montana Fish, Yellowstone, Grizzly, Idaho , Montana , Washington and Wyoming

☆ Powerball's jackpot reaches $1 billion—here's the after-tax payout in every U.S. state
▼ + stars: | 2023-07-19 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

But the amount that winners take home will vary by hundreds of millions of dollars, based on the payout they choose and whether their state charges taxes on the winnings. All winners pay an automatic 24% federal withholding tax on their winnings, which is considered income. Then you have state income taxes, which range from 2.9% to 10.9% depending on which state you live in. And eight states don't charge income tax on lottery winnings: California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming. Assuming a top federal tax rate of 37%, here's the after-tax amount you'd take home in each state and Washington, D.C., if you won the $1 billion jackpot, for both the lump sum and annuity option, according to usamega.com.

Persons: Powerball's, It's Organizations: D.C Locations: California, Florida , New Hampshire, South Dakota , Tennessee , Texas, Washington and Wyoming, Alabama, Alaska, Hawaii , Nevada, Utah, Washington

☆ You could win nearly $1 billion between the Mega Millions and Powerball jackpots—how much you'd take home after taxes
▼ + stars: | 2023-07-03 | by ( Mike Winters | ) www.cnbc.com time to read: +2 min

Powerball's jackpot is worth $522 million and Mega Millions' jackpot is $400 million ahead of late-evening draws on Monday and Tuesday, respectively. For the $522 million Powerball jackpot, the lump sum payout is $269,600,000. For the Mega Millions $400 million jackpot, it's $205,000,000. Check out current Powerball jackpot payout estimates in your state, based on calculations by usamega.com. How much you'd take home after winning Mega Millions' $400 million jackpot

Organizations: Powerball, Internal Revenue Service Locations: North Dakota, New York, California, Florida , New Hampshire, South Dakota , Tennessee , Texas, Washington and Wyoming

☆ How to Read Your Pay Stub
▼ + stars: | 2023-03-09 | by ( ) www.wsj.com time to read: +14 min

So residents of these states may have to work a little harder to track their earnings if their employer elects to forgo sharing pay stub documents. Only residents of California, Hawaii, New York, Rhode Island, New Jersey, and Puerto Rico will see this on their pay stub, according to Greene-Lewis. 10. pretax DeductionsDepending what workplace benefits are offered by your company and which ones you’ve elected to participate in, you may see pretax or before-tax deductions listed on your pay stub in addition to the various taxes you must pay. There is also another kind of common FSA you might be contributing to that could appear on your pay stub: the dependent-care FSA. Any after-tax withholding your employer makes should be noted on the pay stub.

(Some partners also offer free state filing.) This is an opportunity many people overlook: About 70% of Americans qualified for IRS Free File in 2022, according to the Taxpayer Advocate,, but only 2% actually used it. Even if you meet the income requirements, Free File might not have the forms you need. If you don't meet the income requirement for Free File, you can still use the site's fillable forms. Bottom lineThere are lots of ways to file your taxes for free, whether that's with the IRS or a commercial tax software company.

Persons: TurboTax, Read, There's, isn't Organizations: CNBC Select's, Read CNBC, IRS, Social Security, Child Tax, Elderly, AARP, Department of Defense, CNBC, Facebook, Twitter Locations: Mobile, Arizona , California, Florida , Massachusetts, Nevada , New Hampshire , New York, South Dakota , Tennessee , Texas, Washington and Wyoming

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