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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15720
Experience:  15years with H & R Block. Divisional leader, Instructor
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Where would a normal person start in doing good things with

Customer Question

Where would a normal person start in doing good things with money? I am more worried about taxes than what to do with a windfall.
Submitted: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.


The taxes for you would depend on where the "windfall" was sourced.

If you won the lottery then taxes will be taken out prior to you receiving it. Any earnings that you had (interest) would be taxed after that but not the initial amount again.

If this were an inheritance, then you would not be taxed unless the money came from an account that would have been taxable to the deceased. But again, the taxes would be withheld and then earnings after the inherited amount would be taxable after that.

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Expert:  Robin D. replied 1 year ago.

Checking to see if you responded