Taxes on gambling winnings

Reply #3

CASH Only — Fri, 17 Jan 2003 22:44:09 GMT

I wish we could concentrate on making lottery winnings tax-free like in Canada; unfortunately, we haven't finished making all US lottery prizes lump-sum, or with a cash option.

Reply #2

RJOh — Fri, 17 Jan 2003 18:29:55 GMT

Last year I matched 5 of 6 in OhioSuperLotoPlus for $1500 and 4 or 5 for in Buckeye5 twice for $250 and other $2 to $20 winning a number of times. I will have to list the $1500 on my tax returns because I had to fill out paper work to get it and the state sent me a W-2G form to file, but had I not won the $1500 I would not be compiling a list of my smaller winnings and losses for my tax returns because I don't think the government wants to know how much you lost unless you won enough to affec... [ More ]

Reply #1

Lottery_Analyst — Fri, 17 Jan 2003 17:34:56 GMT

Thomas,Thanks so much for the info. All the reason more to keep a Tax Log if you play the Lottery regularly. Especially if you lose more than you win. Hopefully this is not the case.......Thanks again, Lottery Analyst

Taxes on gambling winnings

Thomas Covenant — Fri, 17 Jan 2003 17:24:16 GMT

According to IRS Pub 17, chap 13, sub-heading Gambling Winnings you must include gambling winnings on line 21 of Form 1040. That's all winnings. There is no $599 tax free limit. Lottery winnings under $600 doesn't require withholding taxes. But you still include it on line 21 as income. I called the IRS to confirm this. I know if you don't declare it they probably won't catch you. But call it what it is. It's not $599 tax-free, it's $599 tax fraud.