A community of 30,000 US Transcriptionist serving Medical Transcription Industry

lottery/tax Q


Posted: Oct 17, 2009

No I did NOT win the lottery but I was just wondering... If a person was to win the lottery, say about 5 mil, I know that they have to pay taxes when they get the money, but do they have to pay taxes on it every year like an income.  Say I won 5 mil and quit my job and let most of it sit in a bank.  Would I have to pay an annual tax on that money or would I only have to pay that 1 time when I first got the money?  This is assuming I just kept my 5 mil in a regular old savings/checking account, which I would do because I get a good interest rate! 

;

Only on the interest income - KYMT#2

[ In Reply To ..]
I believe that after the initial taxation, you would only be required to pay taxes on any income, ie the interest income it would accrue in an interest accruing account.

Similar Messages:


LOTTERYJul 15, 2010
  HEY ALL!  I plan on winning BIG at the lottery this time.  Anybody want anything?   Haha!  ...

If I Win The Lottery Tonight, I Will....Mar 30, 2012
...

I Have Decided That If I Win The Lottery....Nov 27, 2012
I am going to set-up a new transcription company.  My clients will have to go with one form used across the board for every one of the notes done no matter what they are.  For ESL folks, their cost to me would be more than those who speak English well.  We would have an action committee where ALL people would be heard and management would require answering all employees issues within a set amount of time.    The MT's will actually get paid what they are worth. ...

It's Almost Lottery Time!!!!Nov 28, 2012
Get your tickets out people!!!! ...

Instant Lottery TicketsJun 10, 2010
In March I began buying instant lottery tickets at a shop in one of the malls where I live.  I was lucky at first, nothing major.   I won $40.00 on a $5.00 ticket.  Then I won $50.00 on a $5.00 ticket, and I won $10.00 on a $.500 ticket.  That went on for a few weeks.  Now I can't win anything to save my life.  It can be addicting.  I have really cut down on what I am spending, but it is tempting.  Do any of you have much luck?  I think ...

Lottery Winner UpdateMar 08, 2012
Here's an update on the $1 million lottery winner who was getting $200 in food stamps every month. http://www.wjr.com/rssItem.asp?feedid=123&itemid=29811934  (DETROIT) -- Amanda Clayton, who admitted to receiving public food assistance after winning $1 million in the state lotto, has been cut off from state aid, the Michigan Department of Human Services said. The statement followed a report this week in which Clayton, 24, of Lincoln Park, acknowledged to a local television s ...

Lottery Jackpot Over 600 Million. What Would You DoDec 17, 2013
Hmmm. ...

Lottery Winner/food StampsMar 07, 2012
This type of person just sucks the life out of this country.  She feels she's entitled to food stamps.  Poor thing!  After all, she has 2 houses and has bills to pay!  Shame on her.  I'd bet my next house payment that she voted for Obama.    Lottery winner using food stamps: ‘I thought maybe it was okay because I’m not working’ 11:16 AM 03/07/2012 ADVERTISEMENT While most people have played the “if I had a million d ...

Leno: ‘Know What You Call The Two Winners Of That $580 Million Powerball Lottery? Dec 01, 2012
Former Democrats!! ...

Wonder If Rude Rudy Knows The Winning Lottery Ticket Numbers For This WeekFeb 20, 2015
I mean he apparently KNOWS what is in the president's heart, so he must be psychic, right? He is nothing more than the latest, safe, megamouthpiece for the right - planting seeds of doubt and mistrust among the haters/intellectually challenged.   ...