I am retired with wife we won lottery of 21630. End of last yr.Is there any way to defer and/or offset the federal taxes due? Thank you, Joe
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John Stancil
Joe, You won the money, received the proceeds, you pay the tax. No way to defer it. You could offset it with deductible items such as charitable contributions but you would have to give the whole amount in contribution to avoid any tax on the winnings.
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482 weeks ago