Thursday, January 17, 2013

What to do with lottery prize money | Synopsis

What to do with lottery prize money

IRS 1040 Tax Form Being Filled Out
IRS 1040 Tax Form Being Filled Out by kenteegardin
License (according to Flickr): Attribution-ShareAlike License
Excerpt:

(MoneyWatch) The winners of last night's historic $587. 5 million Powerball lottery jackpot realized a dream that was chased by millions of folks around the country. But for the few that won, this life changing financial windfall can create as many financial problems as it solves. If you come into a large amount of money that you have not planned for, play it smart and consider this financial game plan to deal with it. Some lump sum payments which typically are not subject to income taxes include tax refunds (unless you claimed a deduction for the taxes in prior years), gifts you receive and life insurance death benefits.

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Organization: IRS

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FieldTerminology: Powerball

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FieldTerminology: bank account

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