I won $500,000 on a numbers game. New York State took out half. Still 250,000 is not bad. Since I won it this year (20018) I don't have to claim it until next.
Our household income (gross) for the past few years have been $50,000 for the last few years. And I expect it will be about that next year as well. We get credit because of our daughter going to college and our federal refund is normally around 1500 and the state refund is normally around $750-1000.
I know I can claim gambling losses and plan to claim up to $520. I'm not into gambling that much maybe $10.00 a week.
I just want to get an idea of how much I would have to owe so I can set that money aside into a different account. I'm planning on using the money to pay off the mortgage and my daughters' college loans.
Added (1). I know I can afford a C.P.A. But I'm cheap in certain areas. I do my own taxes using Turbo Tax.
Added (2). I'm sure I will still owe during next tax season, my gross adjusted income would still be high. It can be lower if I make donations to different organizations.
Read more: https://allmortgage.net/forum/how-much-tax-would-i-need-to-pay-due-to-a-lottery.html
