Lottery winnings over 80,000,000
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tiggerfink
New Member

Lottery winnings over 80,000,000

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?

5 Replies
VolvoGirl
Level 15

Lottery winnings over 80,000,000

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
Level 15

Lottery winnings over 80,000,000

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

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
tiggerfink
New Member

Lottery winnings over 80,000,000

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

macuser_22
Level 15

Lottery winnings over 80,000,000


@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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**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
fanfare
Level 15

Lottery winnings over 80,000,000

$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.

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