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Lottery winnings on tax return?

Topic closed. 12 replies. Last post 1 year ago by bobby623.

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PipSqueek's avatar - cryscrys albums-heyhey-pig-gifs-p1-picture2113-flying-pig.gif
Ohio
United States
Member #140285
March 15, 2013
169 Posts
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Posted: April 24, 2013, 7:13 am - IP Logged

Are you supposed to claim your winnings? Does this go into yearly income?

Farthest out Pick 3 : 149, 159, 079

Farthest out Pick 4: 1278, 2589, 1459

    RJOh's avatar - chipmunk
    mid-Ohio
    United States
    Member #9
    March 24, 2001
    17841 Posts
    Online
    Posted: April 24, 2013, 9:32 am - IP Logged

    You are suppose to claim all your winnings but I doubt if most players bother with it unless they win an amount large enough for their state to send them a W-G form.

    * you don't need more tickets, just the right ticket * 
    * your best chance to win a lottery jackpot is to buy a ticket * 
        Wink 

      helpmewin's avatar - dandy
      u$a
      United States
      Member #106669
      February 22, 2011
      17055 Posts
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      Posted: April 24, 2013, 9:42 am - IP Logged

      You are suppose to claim all your winnings but I doubt if most players bother with it unless they win an amount large enough for their state to send them a W-G form.

      I Agree! if you win BIG money that is recorded

      i was going to say that LOL

                       

        RJOh's avatar - chipmunk
        mid-Ohio
        United States
        Member #9
        March 24, 2001
        17841 Posts
        Online
        Posted: April 24, 2013, 2:40 pm - IP Logged

        I Agree! if you win BIG money that is recorded

        i was going to say that LOL

        In Ohio as in most states, any amount greater than $599 requires a claim form be filled out with your social security number and some form of I.D. which the states use to generate a W-G. Thumbs Up

        * you don't need more tickets, just the right ticket * 
        * your best chance to win a lottery jackpot is to buy a ticket * 
            Wink 

          bobby623's avatar - abstract
          San Angelo, Texas
          United States
          Member #1097
          January 31, 2003
          1107 Posts
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          Posted: April 24, 2013, 4:23 pm - IP Logged

          When I claimed my $2700 Daily 4 win here in Texas last year. I thought they would withhold taxes, but they didn't.
          They gave me a copy of the tax form showing the win was reported to the IRS.
          When I filled out my 2012 tax form, I had to use Form 1040 to report the win, rather than 1040A, which doesn't have a line for reporting gambling income.
          The total was included as income and boosted my taxable income by that amount. I don't know how much extra tax I paid.
          I should have kept $2,700 worth of losing tickets, but I'd have to go back a couple of years. Also, I would have had to use the long form.
          Just goes to show that the government is going to get a share, no matter what.

            whiteballz's avatar - Lottery-015.jpg
            Nutley, New Jersey
            United States
            Member #131063
            August 1, 2012
            776 Posts
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            Posted: April 24, 2013, 5:04 pm - IP Logged

            Are you supposed to claim your winnings? Does this go into yearly income?

            what winnings? I wish I had winnings to tax. No Pity!

            .


              United States
              Member #130820
              July 25, 2012
              1636 Posts
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              Posted: April 24, 2013, 6:44 pm - IP Logged

              what winnings? I wish I had winnings to tax. No Pity!

              You and me both brother

                Artist77's avatar - batman14

                United States
                Member #121750
                January 16, 2012
                3219 Posts
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                Posted: April 24, 2013, 7:08 pm - IP Logged

                Are you supposed to claim your winnings? Does this go into yearly income?

                nooooo   not at all!  But I will bake you a cake with a file in it when we all visit you in prison.

                Just as the bird sings or the butterfly soars,

                because it is his natural characteristic,

                so the artist works.

                by Alma  Gluck

                  whiteballz's avatar - Lottery-015.jpg
                  Nutley, New Jersey
                  United States
                  Member #131063
                  August 1, 2012
                  776 Posts
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                  Posted: April 24, 2013, 7:55 pm - IP Logged

                  nooooo   not at all!  But I will bake you a cake with a file in it when we all visit you in prison.

                  that's the spirit. Just cause you're in prison doesn't mean you can't have shapely nails. Big Smile

                  .

                    noise-gate's avatar - images q=tbn:ANd9GcR91HDs4UJhjxO7cmeMQWZ5lB_FOcMLOGicau4V74R45tDgPWrr
                    Bay Area/ California
                    United States
                    Member #136482
                    December 12, 2012
                    2006 Posts
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                    Posted: April 24, 2013, 11:24 pm - IP Logged

                    When I claimed my $2700 Daily 4 win here in Texas last year. I thought they would withhold taxes, but they didn't.
                    They gave me a copy of the tax form showing the win was reported to the IRS.
                    When I filled out my 2012 tax form, I had to use Form 1040 to report the win, rather than 1040A, which doesn't have a line for reporting gambling income.
                    The total was included as income and boosted my taxable income by that amount. I don't know how much extra tax I paid.
                    I should have kept $2,700 worth of losing tickets, but I'd have to go back a couple of years. Also, I would have had to use the long form.
                    Just goes to show that the government is going to get a share, no matter what.

                    I have been told that in Vegas,  the IRS is on site in those Casinos to make sure that they get their cut from the big-time winners. If one is from abroad and wins a million at those one arm bandits,  you not skipping town without paying your fair share of taxes.
                    Don't know if this is true or not.

                      RJOh's avatar - chipmunk
                      mid-Ohio
                      United States
                      Member #9
                      March 24, 2001
                      17841 Posts
                      Online
                      Posted: April 25, 2013, 11:17 am - IP Logged

                      When I claimed my $2700 Daily 4 win here in Texas last year. I thought they would withhold taxes, but they didn't.
                      They gave me a copy of the tax form showing the win was reported to the IRS.
                      When I filled out my 2012 tax form, I had to use Form 1040 to report the win, rather than 1040A, which doesn't have a line for reporting gambling income.
                      The total was included as income and boosted my taxable income by that amount. I don't know how much extra tax I paid.
                      I should have kept $2,700 worth of losing tickets, but I'd have to go back a couple of years. Also, I would have had to use the long form.
                      Just goes to show that the government is going to get a share, no matter what.

                      The bad thing about claiming gambling winnings as regular income your gambling lost along with other lost including interest on loans, other taxes and etc. has to exceed the standard deduction you get.  If your business was gambling then you could claim it as a business lost.

                      * you don't need more tickets, just the right ticket * 
                      * your best chance to win a lottery jackpot is to buy a ticket * 
                          Wink 

                        PlayToWin47's avatar - Lottery-041.jpg
                        Joplin MO
                        United States
                        Member #138494
                        January 28, 2013
                        183 Posts
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                        Posted: April 25, 2013, 3:12 pm - IP Logged

                        When I claimed my $2700 Daily 4 win here in Texas last year. I thought they would withhold taxes, but they didn't.
                        They gave me a copy of the tax form showing the win was reported to the IRS.
                        When I filled out my 2012 tax form, I had to use Form 1040 to report the win, rather than 1040A, which doesn't have a line for reporting gambling income.
                        The total was included as income and boosted my taxable income by that amount. I don't know how much extra tax I paid.
                        I should have kept $2,700 worth of losing tickets, but I'd have to go back a couple of years. Also, I would have had to use the long form.
                        Just goes to show that the government is going to get a share, no matter what.

                        Like was already mentioned, it depends on your entire tax situation as to whether it is worth itemizing.  If you normally do the short form, then most likely, with a $2700 win, you paid less in taxes by taking the standard deduction (unless there are credits and such on the short form that I don't know about, since I always do the long form).  You have to look at all of your allowable deductions.  Basically, if you have more allowable deductions than the standard deduction, it is worth itemizing.

                        In considering my lottery & casino winnings & losses, whether or not I did any on-the-side work, other deductions, etc., I do my federal taxes both ways each year, to see which is best.  A few times, it was best to itemize, but most of the time, I don't have enough allowable deductions, so it was best to just take the standard deduction.

                          bobby623's avatar - abstract
                          San Angelo, Texas
                          United States
                          Member #1097
                          January 31, 2003
                          1107 Posts
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                          Posted: April 25, 2013, 3:32 pm - IP Logged

                          Like was already mentioned, it depends on your entire tax situation as to whether it is worth itemizing.  If you normally do the short form, then most likely, with a $2700 win, you paid less in taxes by taking the standard deduction (unless there are credits and such on the short form that I don't know about, since I always do the long form).  You have to look at all of your allowable deductions.  Basically, if you have more allowable deductions than the standard deduction, it is worth itemizing.

                          In considering my lottery & casino winnings & losses, whether or not I did any on-the-side work, other deductions, etc., I do my federal taxes both ways each year, to see which is best.  A few times, it was best to itemize, but most of the time, I don't have enough allowable deductions, so it was best to just take the standard deduction.

                          I believe the IRS says gamblers can deduct losses equal to the wins, provided they itemize and have proof of the losses. 
                          I don't spend $2700 per year on gambling. Therefore, I would have to search the trash cans for losing scratch tickets!
                          Of course, that would be cheating.
                          Not worth the risk.
                          I'm happy with the larger share of a legitimate win.