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The Dragon
Level 2

If I win 1 million from Texas lottery , is it better to claim it as a married filing jointly ( with kids ) or as s corporation or as LLC ?

 
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rjs
Level 15
Level 15

If I win 1 million from Texas lottery , is it better to claim it as a married filing jointly ( with kids ) or as s corporation or as LLC ?

Consult a local lawyer who specializes in advising major lottery winners.


Do you live in Texas? If not, consult a lawyer who is licensed to practice in the state that you live in.

 

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5 Replies
rjs
Level 15
Level 15

If I win 1 million from Texas lottery , is it better to claim it as a married filing jointly ( with kids ) or as s corporation or as LLC ?

Consult a local lawyer who specializes in advising major lottery winners.


Do you live in Texas? If not, consult a lawyer who is licensed to practice in the state that you live in.

 

View solution in original post

Opus 17
Level 15

If I win 1 million from Texas lottery , is it better to claim it as a married filing jointly ( with kids ) or as s corporation or as LLC ?

A single member LLC would be taxed for federal purposes exactly the same as yourself as an individual.  I don't know whether you would get any liability protection, but you might be able to keep your personal name private (depending on Texas law).  

 

I don't know anything about S-corp taxes. 

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
tagteam
Level 15

If I win 1 million from Texas lottery , is it better to claim it as a married filing jointly ( with kids ) or as s corporation or as LLC ?

I agree with @rjs and be sure to contact a lawyer who practices in this area before you claim the prize.

YESSWECANN
Returning Member

If I win 1 million from Texas lottery , is it better to claim it as a married filing jointly ( with kids ) or as s corporation or as LLC ?

tagteam
Level 15

If I win 1 million from Texas lottery , is it better to claim it as a married filing jointly ( with kids ) or as s corporation or as LLC ?

Start searching for an attorney at the site below.

 

https://avvo.com

 

A referral is your best bet.

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