i won last year... what will my tax return look like?

Reply #16

James1 — Tue, 17 Apr 2012 00:36:15 GMT

If you come up with 97K in losses you will get a full 25k return. I know people at the race track do this. If this is the info you were looking for...

Reply #15

lolbster — Mon, 16 Apr 2012 23:56:05 GMT

97k in losers? you might have misread... i WON 97k... they with held almost 25k and i actually got 72k... i have 3.4k in losers

Reply #14

Dorisdoright — Mon, 16 Apr 2012 23:11:25 GMT

If you have 97K in losers you will get it all back. There is no cap on the amount written off by loses. Under Federal tax this is considered uncommon or other income.

Reply #13

lolbster — Mon, 16 Apr 2012 20:15:18 GMT

don't worry i am!

i always threw them away before i won, but after i won, i was instructed to save all losers.. which i have done

Reply #12

lolbster — Mon, 16 Apr 2012 20:13:57 GMT

thanks!

even tho i've been playing the same 3 sets of numbers every day for 5 years, my lucky ticket was a QP

i won on a saturday, so they were obviously closed sunday, but even tho monday was president's day, i was able to get my check that day (with a 45 minute or so wait at the lotto office)... had to wait til tuesday to put it in the bank tho due to the holiday

Reply #11

lolbster — Mon, 16 Apr 2012 20:11:56 GMT

$6k would be lovely!

in my eyes, i don't see why wouldn't get atleast half of my $24k back... but i've never had a refund bigger than $1200, so $6k works for me!

it wasn't my ONLY source of income this past year, but it was definitely the main source

Reply #10

Dorisdoright — Mon, 16 Apr 2012 19:18:32 GMT

SAVE YOUR LOSSERS

Reply #9

Dorisdoright — Mon, 16 Apr 2012 19:17:43 GMT

IRS Tax Tip 2010-34

Gambling winnings are fully taxable and must be reported on your tax return. Here are the top seven facts the Internal Revenue Service wants you to know about gambling winnings.

Gambling income includes but is not limited to winnings from lotteries, raffles, horse and dog races and casinos, as well as the fair market value of prizes such as cars, houses, trips or other noncash prizes. Depending on the type and amount of your winnings, the payer might provide you with a... [ More ]

Reply #8

KY Floyd — Mon, 16 Apr 2012 19:07:04 GMT

Sounds like you should talk to somebody who actually knows what the tax laws are. Whether or not you had income from other sources has nothing to do with whether or not you're a professional gambler. Claiming to be a professional lottery player without extensive recordss of other forms of gambling almost certainly won't convince the IRS or the state to consider you a professional gambler. You might convince a court after spending thousands of dollars if you have detailed records and other forms... [ More ]

Reply #7

BuyLow — Mon, 16 Apr 2012 18:50:45 GMT

Congrats, was it a QP? How long did it take to get the money once you turned in the ticket

Reply #6

Stack47 — Mon, 16 Apr 2012 18:38:58 GMT

Did a quick ball park check and if $97,000 was your only source of income, your single with no other deductions, and paid $24,000 in taxes, you should get a refund of over $6000.

*Your dad's mileage may vary.

Reply #5

NightStalker — Mon, 16 Apr 2012 16:39:43 GMT

It might be worth it to spend some of that money and have a professional do your taxes, unless your father is a tax professional. Also, the win may have vaulted you into a different tax bracket, so you may not get anything more back, which is another reason to consult a tax professional. Good luck

Reply #4

lolbster — Mon, 16 Apr 2012 15:35:45 GMT

i always threw away my losing tickets until i actually won... then i was told that since the $97k was my main source of income for the year of 2011-2012, i am technically a professional lottery player , and was told to save all my future losing tickets for next years taxes... i haven't counted them yet, but i would assume it's around $2k or so worth.

i'd find it hard to believe i won't get anything at all back... when i get taxes with held from my actual job, i get a good chunk back in a year... [ More ]

Reply #3

NightStalker — Mon, 16 Apr 2012 15:31:00 GMT

Congrats on the win!!

It would also help to have the losing tickets from last year as well as any receipts showing the purchase of tickets, just in case you get audited.

Reply #2

Littleoldlady — Mon, 16 Apr 2012 15:15:39 GMT

It depends on how much losses you incurred winning that jackpot. You can deduct losses up to the amount you won but however, you should be cautious and only put what you actually spent for the whole year. You won in Feb so you can only claim losses for Jan 2011 and the first part of Feb. You might not get any back.

Reply #1

CDanaT — Mon, 16 Apr 2012 15:06:49 GMT

Congrats lolbster !!!!!!!! Depends on your deductions and total earnings for the year.....You should have your 2011 tax return in the mail by close of business today, if you haven't filed it. I would tend to believe you will or should already know............Hope you get some more back

i won last year... what will my tax return look like?

lolbster — Mon, 16 Apr 2012 14:54:07 GMT

hello

i won $97k in florida's fantasy 5 last year (feb of 2011)... they with held almost $25k and i got a check for $72k... will i be getting any of that back on my tax return?

thanks