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if I win the lottery how do I pay as less tax as possible?

should I continue using H&R block or get a financial advisor or wealth manager?

Update:

I won $2k once I might win that again 

5 Answers

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  • Rita
    Lv 6
    2 months ago

    The two deductions you might use to lower your tax bill are charitable donations and gambling losses. With charitable donations, you still have to declare the lottery win as income but the IRS will let you claim up to 50 percent of your adjusted gross income as a deduction for cash you give to charity each year.

  • Anonymous
    2 months ago

    you have zero chance of winning the lottery just as you have zero chance of paying your bills on time. You just can't do it.

  • ?
    Lv 6
    2 months ago

    I hope you are saving your losing tickets so after you win you can offset your win with your losses at tax time.

  • Anonymous
    2 months ago

    Where I'm from winnings are not taxed but interest made on it is. If you can't or don't want to work out tax you get an accountant to do it for you, it's not that expensive, they work for many people at the same time.

  • Anonymous
    2 months ago

    Getting the lump sum and invest it in safe things that never lose a penny. Then live off of what it generates. And with the momey it generates it might be ok to do some more risky higher paying investments and so on. 

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