Tax over $600 issue question https://www.lotterypost.com/thread/347685 Lottery Post Forum Topic: Tax over $600 issue question en-us Lottery Post RSS Generator Reply #1 https://www.lotterypost.com/thread/347685/7424705 https://www.lotterypost.com/thread/347685/7424705 Mon, 20 Nov 2023 22:55:42 GMT Stack47 It's in the IRS i nstructions for form W-2G but IMO the 300 times isn't explained very well. The 300 times probably refers to wagering more than $1 on one bet like $2 or more on an horse racing Exacta, Perfecta, Daily Double, etc.

The KY pick 3 pays $600 for a winning $1 straight wager bit winners don't get a W-2G because the $1 cost of the wager is deducted making the actual winnings $599.

]]> Stack47 Tax over $600 issue question https://www.lotterypost.com/thread/347685 https://www.lotterypost.com/thread/347685 Mon, 20 Nov 2023 21:16:16 GMT DELotteryPlyr I had to send a couple of small winning tickets in to Delaware as I found I wasn't going to get back to the state to cash them anytime soon. I just got a check from them for $36. On the page below the check it says the following

Congratulations on your win! For federal income tax purpose you will receive a W2-G in January following this calendar year if the winnings reduced by the amount wagered are - $600.00 or more and at least 300 times the amount of the wager, or the winnings are subjec... [ More ]

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