How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Marvin,EA Your Own Question
Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1672
Experience:  Enrolled to Represent Taxpayers Before The IRS
Type Your Tax Question Here...
Marvin,EA is online now
A new question is answered every 9 seconds

I am currently 69 years old and will turn 70 next February.

This answer was rated:

I am currently 69 years old and will turn 70 next February. If I should win a lottery of several million dollars, and take the cash, paying all the applicable taxes, WOULD MY SOCIAL SECURITY BENEFITS BE AFFECTED? If so, HOW would this AFFECT ME? I'm wondering if it would be better for me to let my 50 year old daughter claim the winnings. Thank you.
Hello and thank you for using Just Answer. You will have to report 85% of your Social Security payments as taxable income on your federal income tax. Your Social Security benefits will not be affected if you win the lottery. You can read more about taxable Social Security Benefits at on page 25.
Marvin,EA and 2 other Tax Specialists are ready to help you