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

Topic closed. 16 replies. Last post 5 years ago by James1.

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jacksonville, florida
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Posted: April 16, 2012, 10:54 am - IP Logged

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

    CDanaT's avatar - tiger avatar_04_hd_pictures_169016.jpg
    TX
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    Posted: April 16, 2012, 11:06 am - IP Logged

    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  !!!!!   Thumbs Up

    Stay Positive, Believe and good things will come your way

      Littleoldlady's avatar - basket
      Clarksville
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      Posted: April 16, 2012, 11:15 am - IP Logged

      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.

      If you know your number is going to hit, have patience and then KILL IT!

      You never know when you will get another hit.

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        East of Columbus, OH
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        Posted: April 16, 2012, 11:31 am - IP Logged

        Congrats on the win!! Thumbs Up

         

        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.

        Life's Too Short To Be Unhappy Cool

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          jacksonville, florida
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          Posted: April 16, 2012, 11:35 am - IP Logged

          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 on my tax return... why would the lottery be any different? i paid my $24k in taxes... i would think i would get atleast some of that back...

          my dad always does my taxes and he's a last minute crammer so i guess i'll find out in a day or so heh

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            East of Columbus, OH
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            Posted: April 16, 2012, 12:39 pm - IP Logged

            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!

            Life's Too Short To Be Unhappy Cool

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              Kentucky
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              Posted: April 16, 2012, 2:38 pm - IP Logged

              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 on my tax return... why would the lottery be any different? i paid my $24k in taxes... i would think i would get atleast some of that back...

              my dad always does my taxes and he's a last minute crammer so i guess i'll find out in a day or so heh

              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.

                BuyLow's avatar - palm tree.jpg
                Florida
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                Posted: April 16, 2012, 2:50 pm - IP Logged

                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

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

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                  Posted: April 16, 2012, 3:07 pm - IP Logged

                  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 on my tax return... why would the lottery be any different? i paid my $24k in taxes... i would think i would get atleast some of that back...

                  my dad always does my taxes and he's a last minute crammer so i guess i'll find out in a day or so heh

                  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 of proof.

                  At any rate, whether or not you get a refund will depend on your taxable income and your filing status. Whethr you rely on free answers from the internet or the answers you'll get by paying $150 or so to a professional tax preparer you should expect to get advuice that's wiorht what you pay for it.

                  You should also note that losing tickets alone generally aren't considered proof of losses. If they were anyone winning a reasonable amount could just  salvage them from the trash and claim to have lost as much or more than they won.

                    Dorisdoright's avatar - hiro bird2_neg.jpg
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                    Posted: April 16, 2012, 3:17 pm - IP Logged

                    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.

                    1. 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.
                    2. Depending      on the type and amount of your winnings, the payer might provide you with      a Form W-2G and may have withheld federal income taxes from the payment.
                    3. The      full amount of your gambling winnings for the year must be reported on      line 21 of IRS Form 1040. You may not use Form 1040A or 1040EZ. This rule      applies regardless of the amount and regardless of whether you receive a      Form W-2G or any other reporting form.
                    4. If      you itemize deductions, you can deduct your gambling losses for the year      on line 28 of Schedule A, Form 1040.
                    5. You      cannot deduct gambling losses that are more than your winnings.
                    6. It      is important to keep an accurate diary or similar record of your gambling      winnings and losses.
                    7. To deduct your losses, you must be      able to provide receipts, tickets, statements or other records that show      the amount of both your winnings and losses.

                    For more information see IRS Publication 529, Miscellaneous Deductions, or Publication 525, Taxable and Nontaxable Income, both available at IRS.gov or by calling 800-TAX-FORM (800-829-3676).

                      Dorisdoright's avatar - hiro bird2_neg.jpg
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                      Posted: April 16, 2012, 3:18 pm - IP Logged

                      SAVE YOUR LOSSERS!

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                        jacksonville, florida
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                        Posted: April 16, 2012, 4:11 pm - IP Logged

                        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.

                        $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!

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                          jacksonville, florida
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                          Posted: April 16, 2012, 4:13 pm - IP Logged

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

                          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

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                            jacksonville, florida
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                            Posted: April 16, 2012, 4:15 pm - IP Logged

                            SAVE YOUR LOSSERS!

                            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 :)

                              Dorisdoright's avatar - hiro bird2_neg.jpg
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                              Posted: April 16, 2012, 7:11 pm - IP Logged

                              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.