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taxes,question...

Topic closed. 3 replies. Last post 12 years ago by Miss Bee.

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LOTTOMIKE's avatar - cash money.jpg
Tennessee
United States
Member #7853
October 15, 2004
11338 Posts
Offline
Posted: May 24, 2005, 3:09 pm - IP Logged

as you know since the cash 4 started last month i have hit twice straight.both times i won 2,500.i haven't started saving tickets yet but i'm going to start because i just now found out about saving losing tickets.what could i expect to pay on winnings so far if i had just these two wins?

    Thomas Covenant's avatar - money
    South Carolina
    United States
    Member #491
    July 16, 2002
    837 Posts
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    Posted: May 24, 2005, 3:21 pm - IP Logged

    That depends on your total income. Lottery winnings are treated as ordinary income. So if you made $30,000 in your regular job, you add the winnings to it at the end of the year.


    Okay, now I believe you can predict lottery numbers

      LOTTOMIKE's avatar - cash money.jpg
      Tennessee
      United States
      Member #7853
      October 15, 2004
      11338 Posts
      Offline
      Posted: May 24, 2005, 3:23 pm - IP Logged

      thanks thomas i appreciate it....

        Miss Bee's avatar - strawberry
        nashville
        United States
        Member #4990
        June 8, 2004
        1376 Posts
        Offline
        Posted: May 24, 2005, 4:29 pm - IP Logged

        save scratch off tickets also if you find them anywhere you can claim the same amount of losses as winnings up to a certain amount, it helps if you have some proof, though.