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Subject:  Re: RE:Lottery winnings Date:  8/13/1999  9:08 PM
Author:  BobStL Number:  18157 of 127753

Lottery Winnings are an "annuity" if you are receiving the money over several years. The IRS looks on it as an annuity when you die and any balance of the winnings is considered "income" at that time. It sounds like it's too late for planning, you won and accepted the yearly payment plan in your own name/names. You're correct in not playing games with the IRS over this, you will receive a 1099G from the State. You should know by now though if there was Federal and/or State withholding on your winnings. The problem that arises is next year. Let's assume you make quarterly payments for the balance of this year - Next year you will have to start your quarterly payments probably prior to receiving your year 2000 Winnings Payment. Plan - plan - plan, If your second CPA has not come up with your year 2000 tax plans, go to a professional tax planner. Not all CPA's stay
current in the tax field.
I'd say Good Luck but it seems redundant :)
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