Question

Question About Lottery Winning/Estimated Tax/Penalties

Forum|Forum|4 years ago
July 23, 2021
1 reply
0 views

Hello, Intuit community! 😃

I have a question about lottery and contest winnings!

I have done a LOT of surveys this year, and I plan on filing annual this year; because I won't make enough to meet the 1,000 dollar threshold to file quarterly. 📝💵⏳

Survey earnings qualify as a reward.

But if I were to suddenly win a drawing or lottery for a 1,000,000 dollar prize or more, would I be charged a penalty (or fine) for the earnings I did not report quarterly (because I made over 1,000 that year, due to the lottery/prize drawing)? 🤔 🤔

Please, let me know! 🙂