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Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1672
Experience:  Enrolled to Represent Taxpayers Before The IRS
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I am currently 69 years old and will turn 70 next February.

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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.
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