$1.13 Billion Mega Millions Ticket Sold in Neptune, NJ

Check your tickets, friends! Someone won the $1 billion Mega Millions jackpot Tuesday, and the ticket was sold in Monmouth County at ShopRite Liquor located on Route 66 in Neptune Township. The owner of the liquor store will be presented with a $30,000 bonus check for selling the winning ticket. Under New Jersey law, lottery winners are allowed to remain anonymous and the prizes can be claimed up to a year after the drawing. The last time a Mega Millions jackpot-winning ticket was sold in New Jersey was on July 24, 2020.

Details on the winner of the jackpot that has not been hit since early December were not immediately available except that it was sold in Neptune. The New Jersey Lottery has scheduled a news conference for noon Wednesday. Going into the drawing, the estimated jackpot was $1.13 billion, game officials said in a statement. The new billionaire can receive the $1.13 billion in annual installments over 30 years, or a one-time lump sum estimated at $537.5 million.

The last time someone won the jackpot was Dec. 8 and has now reset to its default $20 million. This is the 5th largest largest jackpot in Mega Millions history. The winning numbers were: 7, 11, 22, 29, 38 & Mega Ball 4.

Living in "Neptune" has been lucky for jackpot winners. The largest ever Mega Millions jackpot of $1.6 billion was won last summer by a ticket that was purchased in...Neptune Beach, Florida.

13 winning tickets in Tuesday’s drawing won at least $1 million by matching 5 numbers, including 3 in New York, 2 in Georgia, 2 in Florida and one each in California, Colorado, Illinois, Indiana, Michigan & Ohio.

There is another chance to win big as the upcoming Powerball drawing for March 27th is up to an $865 million jackpot. The odds of winning the Mega Millions are 1 in 302,575,350. Mega Millions is played in 45 states plus Washington, DC, and the US Virgin Islands.

Tax season is truly in full swing. Tax deductions and credits are there to help people, so why not take the help? It might seem like a headache having to go through a long list of possible deductions, but it's really not so bad. I've gathered some information directly from the IRS to help you save this tax season. So, let's get into the dollars and cents.

Before we get into the savings, let's look at how credits and deductions work. According to the IRS, "You can claim credits and deductions when you file your tax return to lower your tax. Make sure you get all the credits and deductions you qualify for."

The definition of a credit, according to the IRS, is "an amount you subtract from the tax you owe. This can lower your tax payment or increase your refund." They note that some credits are refundable. That means "they can give you money back even if you don't owe any tax." If you want to claim credits, you must answer questions in your tax filing software. Or, if you're doing taxes the old-fashioned way, you'll have to fill out a form and attach it.

The definition of a deduction, according to the IRS, is "an amount you subtract from your income when you file so you don’t pay tax on it. By lowering your income, deductions lower your tax." In order to do this, you have to have documents to show expenses or losses you want to deduct. You can do this via tax software or, if you're filing a paper return, your deductions go on Form 1040 and you may need to attach extra forms.

Now, the fun part. Read on for tax deductions and credits that could save you cash this season. Here's hoping that Uncle Sam treats you well.

The standard deduction for 2023 is $13,850 for single or married filing separately; $27,700 for married couples filing jointly or qualifying surviving spouse; and $20,800 for head of household. "If you're married filing separately, you can't take the standard deduction if your spouse itemizes. You must both choose the same method," the IRS says.

To find the standard deduction if you're over 65 or blind, go here. To find the standard deduction if you're a dependent on someone else's tax return, go here.

According to the IRS, you can deduct these expenses whether you take the standard deduction or itemize:

Alimony payments
Business use of your car
Business use of your home
Money you put in an IRA
Money you put in health savings accounts
Penalties on early withdrawals from savings
Student loan interest
Teacher expenses
For some military, government, self-employed and people with disabilities: work-related education expenses
For military servicemembers: moving expenses

According to the IRS, you can deduct these expenses if you itemize:

Bad debts
Canceled debt on home
Capital losses
Donations to charity
Gains from sale of your home
Gambling losses
Home mortgage interest
Income, sales, real estate and personal property taxes
Losses from disasters and theft
Medical and dental expenses over 7.5% of your adjusted gross income
Miscellaneous itemized deductions
Opportunity zone investment

Tax season can be a confusing time. There are lots of bits and piece that you have to put together. That said, the IRS has a very helpful page with frequently asked questions. Find the list of questions and answers here. As always, it's also a good idea to get a professional to help with any questions.

estimated $416 million.