Tax Forms And Lottery (Gambling)!

Reply #16

four4me — Wed, 28 Jan 2009 02:52:20 GMT

Well i see you are back with your witticism's. I have cashed many a ticket for under 600 and less and quite a few for more than 600 i know my legal rights in regards to cashing tickets apparently you do not.

If you feel obligated to tell the IRS you won amounts under 600 be my guest.

I only report income be it earned or otherwise thats connected to paperwork i received in regards to money that was exchanged between me and the other party/parties.

If i win 600 dollars tonight i will cash... [ More ]

Reply #15

BORGUSX — Wed, 28 Jan 2009 00:58:03 GMT

Is there an upside if I did report $15 in winning? Current Status:Spent $41,but won $15

Reply #14

Stack47 — Tue, 27 Jan 2009 23:13:20 GMT

Prizes under $600 are usually cashed at any state lottery retailer and usually no ID is necessary so reporting the winnings to the IRS is up to the individual. W-2G forms are issued with prizes over $600, the IRS has the record and will send you a bill if the winnings weren't reported on the 1040 form. Up to the amount of the winnings can be deducted but you must use itemized deductions.

Not many people would report $15 in winnings knowing they spent $30 to win it and probably why the tax cod... [ More ]

Reply #13

KY Floyd — Tue, 27 Jan 2009 06:58:00 GMT

Just because they're required to report winnings of $600 or more to the IRS doesn't guarantee that they can't report winninsg of less than $600. I seriously doubt that they would bother, and I don't think the IRS would want the potential flood of reports, but it may be possible. In your case, whether the IRS is told or not, there's a very clear paper trail proving that you won. If you should happen to get audited, it's possible, if unlikely, that the IRS could become aware of the check.

I'm a... [ More ]

Reply #12

KY Floyd — Tue, 27 Jan 2009 06:49:52 GMT

You're afraid that if you tell the IRS you earned money and don't have proof they won't accept the taxes you try to pay

Reply #11

KY Floyd — Tue, 27 Jan 2009 06:47:36 GMT

Which part of gambling winnings are taxable don't you understand? You've clearly got an internet connection, and that and a room temperature IQ makes it incredibly easy to get the info directly from the IRS. If you can't be bothered to educate yourself, perhaps you could at least stop misinforming others.

Reply #10

m5500 — Mon, 26 Jan 2009 01:57:06 GMT

What if you claimed a prize under 600 through the lottery (recieving a check in the mail) because you were out of state? Is it best to declare, or does the lottery not mention to the IRS any prize under 600? This being an alternative to just recieving cash.

Reply #9

four4me — Sun, 25 Jan 2009 22:57:49 GMT

Taxes can be tricky depending on many factors itemizing deductions usually means a person who has a good steady hight earning job one that might require out of pocket expenses for doing that job be it tools, clothing, transportation etc. Also owning a house and paying taxes there deductible. Medical expenses and a few other things might be claimed on tax forms.

Many people fill out the short form for taxes. Married people usually fill out long form or itemized deduction forms.

If... [ More ]

Reply #8

BORGUSX — Sun, 25 Jan 2009 21:37:45 GMT

Oh,the previous poster didn't say that I don't have to claim winnings under $600.00,to me it meant that if my winnings were under $600.00,then I put it on a 1040 form.

I would do that,only if it would benefit me or I would forget it.

Reply #7

four4me — Sun, 25 Jan 2009 18:42:12 GMT

What part of you don't have to claim winnings under $600.00 don't you get.

Reply #6

JAP69 — Sun, 25 Jan 2009 17:14:56 GMT

We just had a new secretary of the treasury appointed who did not understand the tax code either.

Reply #5

BORGUSX — Sun, 25 Jan 2009 16:37:29 GMT

So,what about if I list $15 as my winning,but since I forgot to ask for a receipt or photocopy the winning ticket,then how can I provide proof then

Reply #4

MysteryMan424 — Sun, 25 Jan 2009 15:18:58 GMT

Depending on what you do for a living itemizing is deducting from your tax liability monies that you use to perform your duties. Example a union laborer can claim union dues, tools, supplies laundry cost, trade magazines etc. Since the IRS deducts the tax from your paycheck, itemizing is how you recover compensation from additional expenditures. Let's say on that little box on the tax form where it says occupation you put Professional Gambler. There are certain requirements that you will need to... [ More ]

Reply #3

Litebets27 — Sun, 25 Jan 2009 14:51:27 GMT

Ky Floyd is absolutely correct.

I would suggest that you head for the library or bookstore and pick up a copy of Taxes for Idoits or Taxes for Dummies these will walk you through the taxes step by step and interpret the tax lingo into laymen's terms.

Your winnings are not enough to generate a W-2G form to claim on your taxes.

Good luck on your quest to win and file taxes.

Reply #2

BORGUSX — Sun, 25 Jan 2009 13:26:55 GMT

Update:Spent $41 USD,but won $15 USD!

Noob Questions:1.What is itemize?

2.What is the whole point of deducting $15 of the $41 I spent? Where do I write $15 and $41 on the 1040?

3.Is it a problem that I forgot to ask for a receipt of my winning? Or will the IRS trust me?

4.If I can only deduct up to $15,is it advisable to mail a copy of all of my losing tickets even it all sum up to more than $15?

5.Is it a program that I can buy that will help me to increase my... [ More ]

Reply #1

KY Floyd — Sun, 25 Jan 2009 07:52:40 GMT

The reason that so many people make a good living preparing taxes is that most people 2 or 3 times your age don't know nost of the details.

If you win enough, you'll get a form W-2G along with the money. Enough means $600 or more. Your winnings will get listed on your 1040. You can only deduct losses up to the amount you won, and only if you itemize your deductions. At 19, with modest winings I'd guess you have no reason to itemize. In your example, you've got $15 in taxable winnings, and you... [ More ]

Tax Forms And Lottery (Gambling)!

BORGUSX — Sun, 25 Jan 2009 01:49:28 GMT

I know that there is something with gambling and tax forms,that I want to learn more about. I don't know if pointing out that I am just 19 years old is an excuse or not for not knowing much about filing tax for the governments,but I do want to learn and I bet you guys know more about this situation than me,so please help me out. By the way,I kept all of my tickets except for one since I won,but I didn't know that I could ask for a receipt for the winning and I didn't scan the winning ticket,so I... [ More ]