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    johnhauck's Avatar
    johnhauck Posts: 1, Reputation: 1
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    #1

    Nov 3, 2014, 02:08 PM
    Ask Accounting Questions Online
    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's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    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's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #3

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