If I were Filthy Rich
By sawolsef+12 End of Year win - Taxes
Does anyone know when your tax liability is? We are at the end of the year, so if the tax liability occurs when you win, there won’t be much you can do to avoid taxes. If the tax liability occurs when you claim the jackpot, then you have lots of options.
Recent responses
+17 @TheLizardKing89 It occurs when you get the money. If you won now, I wouldn’t claim until the after the New Year, that way you have until April 15, 2025 to pay taxes on your prize. This is really only an option for people who win late in the calendar year because you have a limited amount of time to claim your prize and by waiting, you’re missing out on potential investment income for the weeks or months you don’t have the money.