Lottery winnings over 80,000,000

[tiggerfink]

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]

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]

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

[tiggerfink]

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

[macuser_22]

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@tiggerfink wrote:

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

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

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[fanfare]

$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.