DO i LOSE MY SOCIAL SECURITY IF i WIN A SWEEPSTAKES?

Is there a legal way to keep sweepstakes, so that i will not affect my monthly social security. I am 85years old-widow. Can I give it to my children. I know I have to pay taxes to IRS. Is it 28%

DO i LOSE MY SOCIAL SECURITY IF i WIN A SWEEPSTAKES?
Is this a US or foreign sweepstakes? Did you get some kind of letter saying you won a foreign lottery/sweepstakes and need to send money to cover the taxes/transfer/fees/whatever? If so, they are trying to scam you. No matter where the lottery is from, if you didn't enter it, they are trying to steal from you. If there is any doubt, go to the police first.





If this is a sweepstakes from a foreign country, you cannot even bring the money into the US at all.





I realize this doesn't answer your question, but you should have this information anyway.
Reply:Your social security will not be affected because it's not need based. You can gift it to your children, but consult a tax attorney to ensure it's done with the least amount of gift tax.





The tax rate to the IRS is based on your income and the amount of the sweepstakes winning. The ceiling for the 28% bracket isn't very high, less than $80,000.