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☆ Powerball jackpot hits $900 million. Here's the tax bill if you win
▼ + stars: | 2023-07-17 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Justin Sullivan | Getty ImagesThe Powerball jackpot has soared to an estimated $900 million after Saturday's drawing went by without a winner. If you choose the $465.1 million cash option, the 24% withholding automatically reduces your prize by roughly $111.6 million. "The 24% [withholding] is not the only tax bill" because the highest federal tax bracket includes another 13%. You calculate taxable income by subtracting the greater of the standard or itemized deductions from your adjusted gross income. The jackpot winner's remaining tax bill after the 24% federal withholding depends on several factors but could easily represent millions more.

Persons: Justin Sullivan, It's, John Chichester Jr, Chichester, it's Organizations: Chichester Financial Group, IRS Locations: Phoenix

☆ Powerball jackpot climbs to $875 million. Here’s how much the winner could pay in taxes
▼ + stars: | 2023-07-14 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

If you choose the $441.9 million cash option, the 24% withholding automatically reduces your prize by roughly $106 million. "The 24% [withholding] is not the only tax bill" because the highest federal tax bracket includes another 13%. Here's how federal tax brackets workWhile inflation increased the federal income tax brackets for 2023, millions from the lottery still pushes the winner into the 37% bracket. You calculate taxable income by subtracting the greater of the standard or itemized deductions from your adjusted gross income. The jackpot winner's remaining tax bill after the 24% federal withholding depends on several factors but could easily represent millions more.

Persons: Scott Olson, John Chichester Jr, Chichester, it's Organizations: Chichester Financial Group, IRS Locations: Phoenix

☆ Powerball jackpot hits $725 million. If you win, here's the tax bill
▼ + stars: | 2023-07-11 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

The Powerball jackpot has reached $725 million by July 11, 2023. If you choose the $366.2 million cash option, the 24% withholding automatically reduces your cut about $88 million. However, many taxpayers wrongly assume they're off the hook after that 24%, Chichester said. watch nowHere's why: Millions in lottery winnings will push you into the top federal income tax bracket. You calculate taxable income by subtracting the greater of the standard or itemized deductions from your adjusted gross income.

Persons: John Chichester Jr, Chichester Organizations: Medianews, Getty, Chichester Financial Group Locations: Phoenix

☆ Powerball jackpot grows to $650 million. Here’s the tax bill if there’s a winner
▼ + stars: | 2023-07-10 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

The Powerball jackpot for July 10, 2023 has hit $650 million. Here, a cashier at a 7-11 store in Milipitas, California, issues Powerball tickets in 2022. With no winner for the Powerball jackpot, the prize has jumped to an estimated $650 million ahead of Monday's drawing. The jackpot jumped to $650 million from $615 million without a winning ticket on Saturday. If you beat the odds, you can now pick between a lump sum of an estimated $328.3 million or annual payments worth $650 million.

Persons: Roth, John Chichester Jr, Chichester Organizations: IRS, Finance, Amazon, Chichester Financial Group Locations: Milipitas , California, Phoenix

☆ Powerball jackpot soars to $615 million. Here's how much the winner could owe in taxes
▼ + stars: | 2023-07-07 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

If you manage to score the winning ticket for the Powerball jackpot this Saturday evening, your winnings will shrink significantly after Uncle Sam takes its share. The Powerball jackpot winner can choose between a lump sum of $310.6 million cash or yearly payments worth $615 million. These are estimates until the Multi-State Lottery Association takes bids on the purchase of investments. "One thing that's unique about the lottery is that you can accept it over a 30-year period with annuity payments," said certified financial planner John Chichester Jr., founder and CEO of Chichester Financial Group in Phoenix. The odds of winning the Powerball jackpot are about 1 in 292 million.

Persons: Uncle Sam, John Chichester Jr, It's, Chichester Organizations: State Lottery Association, Chichester Financial Group, Finance, Federal, Shoppers, Amazon Prime Locations: Phoenix

☆ There's still time to claim your share of $1.5 billion in unclaimed tax refunds from 2019, IRS says
▼ + stars: | 2023-05-01 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

The 2022 federal tax deadline has passed for most Americans, but another key date is approaching for past-due filers. If you're one of the nearly 1.5 million people with an unclaimed tax refund from 2019, the last chance to file your return is July 17, according to the IRS. There's a state-by-state breakdown of median potential refunds for 2019 here. "The 2019 tax returns came due during the pandemic, and many people may have overlooked or forgotten about these refunds," IRS Commissioner Danny Werfel said in a statement. With the 2019 tax deadline extended until July, Werfel said, many Americans, particularly lower earners such as students and part-time workers, may have accidentally skipped the filing.

☆ You still have time to claim $1.5 billion in tax refunds from 2019, IRS says
▼ + stars: | 2023-04-13 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

There are nearly 1.5 million people with unclaimed refunds from tax year 2019, worth almost $1.5 billion, with a median payment of $893, the agency said on Wednesday. The last chance to file and collect 2019 refunds is July 17. "The 2019 tax returns came due during the pandemic, and many people may have overlooked or forgotten about these refunds," IRS Commissioner Danny Werfel said in a statement. "Taxpayers can request copies of tax documents from employers and other sources like loan service providers," said Kathy Pickering, chief tax officer for H&R Block. Another way to access older tax documents is through your IRS online account, she said.

☆ IRS unveils option allowing online responses to 9 of its notices. 'A step in the right direction,' says tax pro
▼ + stars: | 2023-02-17 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Hoxton/Sam Edwards | Getty ImagesAfter kicking off tax season with customer service and technology upgrades, the IRS this week unveiled a new option allowing taxpayers to respond more easily to certain agency notices. The new feature lets taxpayers and professionals respond to nine notices online by digitally uploading requested documents, rather than responding by mail, according to a news release from Thursday. "It's definitely a step in the right direction," said certified financial planner John Chichester Jr., founder and CEO of Chichester Financial Group in Phoenix. Chichester said allowing taxpayers and professionals to respond to notices online will "save everyone time and energy." If you receive one of the nine notices, it will include a link and unique access code, according to the IRS.

☆ There's still time to avoid a penalty for fourth-quarter estimated taxes — but the clock is ticking
▼ + stars: | 2023-01-17 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

There's still time to avoid a penalty if you didn't pay enough taxes in 2022 — but the clock is ticking. If you are self-employed or receive income from gig economy work, investments and more, the deadline for your 2022 fourth-quarter estimated tax payment is Jan. 17. Your payment may reduce your 2022 tax bill and bypass extra penalties and interest, according to financial experts. You can also make payments through your IRS online account, which provides access to payment history, or digitally through the Electronic Federal Tax Payment System. You can see other options through the IRS payments website.

☆ IRS: fourth-quarter tax deadline is Jan. 17. How to avoid penalties
▼ + stars: | 2023-01-05 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

If you didn't pay enough taxes in 2022, there's still time to avoid a "surprise tax bill" and bypass extra penalties, according to the IRS. The deadline for fourth-quarter estimated tax payments for 2022 is Jan. 17, which applies to income from self-employment, investments, gig economy work and more. The IRS says Direct Pay is the "fastest and easiest" way to make payments, with online scheduling options before the Jan. 17 deadline. You can also make payments through your IRS online account, which provides access to payment history, or digitally through the Electronic Federal Tax Payment System. You can see other options through the IRS payments website.

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