$5 Million Lottery Win

LinkBack

Thread Tools

Search this Thread

Display Modes

#1 (permalink)

07-05-2017, 02:45 PM

dcleb13

Junior Member

Join Date: Jul 2017

Posts: 1

$5 Million Lottery Win

My friend won $5 million on the Mega Million. We have a partnership and I get 1% of the prize money. Can you explain the tax situation for both of us? Thanks.

« Estimated payment not properly credited | Savings plan refunded/taxes »

Posting Rules
You may not post new threads You may not post replies You may not post attachments You may not edit your posts vB code is On Smilies are On [IMG] code is On HTML code is Off Trackbacks are Off Pingbacks are Off Refbacks are Off

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
If I donate lottery ticket before the drawing- what the tax implication?	RaviChr	Itemized Deductions	1	05-15-2017 03:08 PM
LLC vs. S Corp with $10 million in profit	jacksonp2015	S-Corporation	0	02-25-2017 12:12 PM
Withholding on Lottery Income	[email protected]	Income	0	11-19-2009 12:11 PM
First-Time Homebuyer Credit Provides Tax Benefits to 1.4 Million Families to Date	Samatg	General	0	09-17-2009 11:59 PM
lottery winnings	emarvey	Miscellaneous	1	01-18-2009 01:42 AM

» Categories

Ask TaxGuru?

Individual

» Income

» Estimated Taxes

» Capital Gains

» Itemized Deductions

» IRA/Sep

» Rental Real-Estate

» Alternative Minimum Tax

» Filing Requirements

» Sole-Proprietorship

» Medical

» Auto Expenses

» Social Security

» Tax Credit

» Depreciation

» Divorce Tax Issues

» Homeowner Tax

» Multistate

Corporations

» C-Corporation

» S-Corporation

» Limited Liability Company

» Payroll

» Multistate Tax Issues

» Non-Profit Organisation

» Trusts and Gift Tax Returns

Forum for CPAs

» CPA Forums

Financial Planning

» Estate Planning

» Retirement Planning

» Investment Strategy

» Education Planning

» Life Insurance

» Tax News

» Tax Calculators

» Downloads

» Contact Us

» Latest Tax Tips
How can I obtain the IRS 2021 Form W-7 with the...
IRS extends C Corporation filing date to May 17, 2021
Which Taxpayer Qualifies for Advance Payments?
How do you get a "147C Online- EIN Designation Confirmation...
What are the Foreign Earned Income Exclusion for 2019?

» Recent Tax Q&A
No Threads to Display.

» Free Downloads

Latest Files

What Are the Important Highlights Of 2010 Tax Law
EzWagez Payroll System
TurboCASH
AlauxSoft Accounts and Budget
Gas Mileage MPG Tracker