Quote:
Originally Posted by sthief09
I think this means if you owe Uncle Sam, the money goes straight to him.
Choosing to not pay taxes on this is probably not a very smart idea.
It confuses me why people are still talking about the taxes owed in 2013. You should of paid taxes on this money in 2011 or earlier (depending on when you made the $).
I'm not a CPA but I would assume if you haven't already paid taxes on your winnings from a few years ago it is a little to late now unless you plan on amending your taxes from 2011. Clearly it isn't 2013 income, so shouldn't affect how you file this year. How your going to explain to the government why your getting a check for $30,000 (or whatever the amount is) in 2013 but didn't claim this as income in 2011, when it occurred, is going to be difficult. If you haven't paid your taxes from a few years ago I would consult an accountant immediately, but hey that is just me.
Not trying to scare anyone, just saying if you pay your taxes when their owed you never have to worry about this kind of thing.