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June 1, 2019
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I won 125.000 through the South Carolina Lottery. They took out Fed. and state taxes. Am I obligated for more taxes when filing for 2016?

  • June 1, 2019
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$40,000.00 was taken out for Fed. and State taxes. Can I still file through turbo tax if I recieved a lump sum of 85.000?
Best answer by Lisa995

You'll report the entire amount as "Income", then you'll have the taxes that have been withheld also shown as "payments" on the tax return.  You may or may not owe more taxes on the amount once its been combined with the rest of your income.

1 reply

Lisa995
Lisa995Answer
June 1, 2019

You'll report the entire amount as "Income", then you'll have the taxes that have been withheld also shown as "payments" on the tax return.  You may or may not owe more taxes on the amount once its been combined with the rest of your income.

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