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I am 80 years old married. Our main source of income is pension and Social Security. Actually we don't file because of our income Just won $20,000 on a lottery ticket. How is that going to affect my tax responsibility??
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I think you will have an option to pay th etaxes due on the lottery winnings at the time you accept payment. If that option is available, then you may not have to claim the winning as income. If you do have to claim it, you wlll pay the taxes one time from the lottery winnings and then not have to pay the following year.
Answered on Nov 28th, 2015 at 5:57 AM
Diana L. Anderson, Certified Elder Law Attorney This response is not legal advice and does not establish any form of attorney/client relationship