The Inflation Tax Act

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The “Inflation Reduction Act” just passed in the Senate, which was approved on a tiebreaker by Vice President Harris. At the end of this week, it will come up for vote by the House of Representatives, which is expected to (you guessed it) PASS! We will discuss in detail what’s in this new bill, and what this sweeping new legislation will mean for you personally, financially and from a tax perspective.
You may have decided to overcome inflation by purchasing a lottery ticket for the $1 billion+ prize that an Illinois resident recently won. What would the tax be, and how could you plan for such a windfall? We will discuss in detail practical options you may decide to take, as well as how to deal with your own lump sum presented within your retirement accounts or employer.