topic Lottery winnings over 80,000,000 in Get your taxes done using TurboTax

Lottery winnings over 80,000,000

tiggerfink — Mon, 22 Mar 2021 03:23:59 GMT

Looks like TurboTax has a limit of 9,999,999 in the reportable winnings for a lottery on W-2G. How do enter lottery winnings over 10,000,000?

VolvoGirl — Mon, 22 Mar 2021 03:30:04 GMT

With that much income you probably need to go to a CPA for tax preparation and advice. And a lawyer or tax attorney.

macuser_22 — Mon, 22 Mar 2021 03:41:23 GMT

I agree see a tax attorney - this is not "do it yourself'.

tiggerfink — Mon, 22 Mar 2021 03:52:01 GMT

I entered it 9 times to get the correct tax since their is a limit in Box 1-Reportable Winnings

macuser_22 — Mon, 22 Mar 2021 04:01:20 GMT

@tiggerfink wrote:

I entered it 9 times to get the correct tax since their is a limit in Box 1-Reportable Winnings

Correct - you CANNOT use TurboTax - see a tax attorney, yesterday, not tomorrow. (If what you say is true)

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fanfare — Mon, 22 Mar 2021 04:38:13 GMT

$80 million is not much today.

After taxes you'll escape Elizabeth Warren's 2 "cents" tax on millionaires.

Paul Krugman just said on Bloomberg radio that $1.9 Trillion is not real money until you spend it at least twice.

Just don't buy Treasury notes.