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Does a Lottery winning affect my Social Security payments

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I would like to know for filing taxes
Submitted: 10 years ago.Category: Tax
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Answered in 11 minutes by:
3/2/2007
Tax Professional: Ed Johnson, Tax Preparer replied 10 years ago
Ed Johnson
Ed Johnson, Tax Preparer
Category: Tax
Satisfied Customers: 10,760
Experience: GPHR Cert; U.S. Treasury Tax Advocacy Panel appointee
Verified

Dear wayner,

Your lottery winnings, if large enough, may reduce your SS payments or make all or a portion of it taxable.

The SS website has a formula for figuring out the effects of your SS benefit payments based on earned income (including lottery winnings).

http://www.ssa.gov

 

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