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johnhauck
Nov 3, 2014, 02:08 PM
If I won $10,000,000.00 in the lottery in November, took only a $500,000.00 payout now, and the balance in January, would I be taxed in the current year for the full amount or just the portion I took?

ebaines
Nov 3, 2014, 02:21 PM
We don't provide homework answers on this site. So please tell us what you think the answer is and why, and we'll check your answer.

AtlantaTaxExpert
Nov 3, 2014, 02:21 PM
Yes, but only if the lottery's tax documentation shows you getting the 9.5 million in January.