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  • 14 Questions about VA Disability Compensation Benefits Claims

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    When a Veteran starts considering whether or not to file a VA Disability Claim, there are a lot of questions that he or she tends to ask. Over the last 10 years, the following are the 14 most common basic questions I am asked about ...
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  • Most Common VA Disabilities Claimed for Compensation:   

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  • Can a 100 percent Disabled Veteran Work and Earn an Income?

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    You’ve just been rated 100% disabled by the Veterans Affairs. After the excitement of finally having the rating you deserve wears off, you start asking questions. One of the first questions that you might ask is this: It’s a legitimate question – rare is the Veteran that finds themselves sitting on the couch eating bon-bons … Continue reading

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blackbird

Will Lottery Win Affect Iu?

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Hello Vets, My question is; if a veteran is drawing disability for SC injury and is granted IU for unimployability, how would their benefits be affected by a lottery win that was high enough to require a W-2 be filled out????

Thanks in advance for you response!

Blackbird

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They shouldn't be effected. That is unearned income and not wages. I haven't done a W-2 in yrs but aren't they filled out by the employee, for the employer, so they can withhold taxes? I would think lottery winnings would be reported by an IRS form 1099.

pr

Hello Vets, My question is; if a veteran is drawing disability for SC injury and is granted IU for unimployability, how would their benefits be affected by a lottery win that was high enough to require a W-2 be filled out????

Thanks in advance for you response!

Blackbird

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Hello Vets, My question is; if a veteran is drawing disability for SC injury and is granted IU for unimployability, how would their benefits be affected by a lottery win that was high enough to require a W-2 be filled out????

Thanks in advance for you response!

Blackbird

Will not affect your benefit.

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Hey, if anyone has the winning lottery ticket and aren't sure if it will affect your benies give it to me. :)

jerr

Hello Vets, My question is; if a veteran is drawing disability for SC injury and is granted IU for unimployability, how would their benefits be affected by a lottery win that was high enough to require a W-2 be filled out????

Thanks in advance for you response!

Blackbird

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They shouldn't be effected. That is unearned income and not wages. I haven't done a W-2 in yrs but aren't they filled out by the employee, for the employer, so they can withhold taxes? I would think lottery winnings would be reported by an IRS form 1099.

pr

Ya gotta fill out the W-2 when you win...........that gives the payor the information that they need (SSA #, address, dependents, etc.) so that they can send you a form 1099.

Thing is, when you win the BIGGEY(s), they will make the "standard deduction" right then, on the spot, and then leave it up to you, at the end of the year, after they've kept "their" 33.33%, for you to come up with enough deductions, to get anything "back". Some of the larger casinos even have duly marked close-up parking spaces, sometimes in the employees parking lot, marked "IRS".

I used to play poker, quite a bit, and they actually keep track of your poker winnings..........oh, yeah........they know within + or - 10% of what you win on any given day!

AND, "they" get "theirs" FIRST!

Edited by LarryJ

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According to a Tax Tip provided on the Internal Revenue Service (IRS) website, lottery winnings are considered taxable income.The Mega Millions website says that an IRS W-2G Form will be issued with winnings over $600. The W-2G Form provides a record to submit to the IRS when preparing your federal tax return.

For winnings in excess of $5,000, 25 percent will be withheld for federal tax purposes. Additionally, state taxes will be withheld based on your state's income tax regulations for lottery winnings. The W-2G Form received for these winnings will indicate federal and state taxes have already been withheld.

PRIZES

A prize is something won in a contest, lottery, or game of chance such as bingo winnings or pull tabs. Cash prizes are unearned income in the month of receipt.

Jerr

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