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paying taxes on a $1,000 scratch-off

Topic closed. 31 replies. Last post 4 years ago by billionaire2bee.

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RedStang's avatar - tallman zps6gf4inoc.jpg
NY
United States
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January 21, 2012
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Posted: January 22, 2013, 1:34 am - IP Logged

I have been obsessively buying scratch-offs here in Pennsylvania for about the past year-and-a-half.  I was lucky enough to hit $1,000 on a $3 Wild Number Bingo.  A local grocery chain store cashed the ticket and gave me the cash.  I was sooooo happy.  Put about $800 in my barely-existing checking account and gave a few bucks to my grandkids and daughter.  Now......... please don't call me naive, but I thought if you saved your non-winning tickets (got a few WalMart bags full) that you could use these at TAX TIME to prove that you spent more than the tax liability.  I called H&R block today to see how that works.  It doesn't!!!  Apparently, you have to itemize and use a longer tax form.  Trouble is, I have nothing else to itemize, just student loan interest.  The standard deduction is $5,950 for an individual already.  So, does this mean that only wealthier people playing the scratch-offs, who itemize already, get this option?  I only make $24,000 a year and play the scratch-offs (like everyone else) in the hopes of making it less stressful pay-to-pay.  I am struggling pay-to-pay, no health insurance from my employer, and would love to go on even a day-vacation this year.  Does anyone have any input about what they did at tax time?  Of note, if it would have been a real large winner, yes, have the lottery take the taxes out right away, but come on, this was $1,000, and it didn't go very far.

My Aunt is a CPA. She said to save losing tickets so i could claim them against winnings. You should be able to claim $1000 in losing tickets. Did they give you a W-2G form.


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    Posted: January 22, 2013, 7:51 am - IP Logged

    My Aunt is a CPA. She said to save losing tickets so i could claim them against winnings. You should be able to claim $1000 in losing tickets. Did they give you a W-2G form.

    Yeah that's what Im wondering if you cashed it at the store you bought it....did they give you a tax form? Cause if they didn't I wouldn't claim it...it would be like you found it on the street

      dallascowboyfan's avatar - tiana the-princess-and-the-frog.jpg
      Oklahoma
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      Posted: January 22, 2013, 8:15 am - IP Logged

      Congratulations on your win retrievers3......Thumbs Up

      I Love Pink & Green 1908

        rdgrnr's avatar - walt
        Way back up in them dadgum hills, son!
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        Posted: January 22, 2013, 2:08 pm - IP Logged

        Yeah that's what Im wondering if you cashed it at the store you bought it....did they give you a tax form? Cause if they didn't I wouldn't claim it...it would be like you found it on the street

        Honesty is the best policy.

        My advice would be to obey the law and pay the taxes.

        Trying to scam the government out of taxes on lottery winnings won't be worth what you'll gain by not paying it.

        There have been a few stories here documenting that fact.

        Pay the taxes.


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          Posted: January 22, 2013, 2:40 pm - IP Logged

          Honesty is the best policy.

          My advice would be to obey the law and pay the taxes.

          Trying to scam the government out of taxes on lottery winnings won't be worth what you'll gain by not paying it.

          There have been a few stories here documenting that fact.

          Pay the taxes.

          true...not arguing with you on that but do they give the tax forms when you cash a ticket anywhere other than the lottery office though...again not arguing just asking...if they did give the form wouldn't that be the only way the IRS would know??

            rdgrnr's avatar - walt
            Way back up in them dadgum hills, son!
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            Posted: January 22, 2013, 2:50 pm - IP Logged

            true...not arguing with you on that but do they give the tax forms when you cash a ticket anywhere other than the lottery office though...again not arguing just asking...if they did give the form wouldn't that be the only way the IRS would know??

            I'm not sure about any of that.

            I just wouldn't be willing to bet a large amount that I could get away with a small amount.


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              Posted: January 22, 2013, 2:58 pm - IP Logged

              I'm not sure about any of that.

              I just wouldn't be willing to bet a large amount that I could get away with a small amount.

              Yeah I wouldnt either but here in NC they make you turn the ticket in at the lottery office for any amount over $600....if a place chooses to cash it its on them....I think it a chance they are taking with their license if they do otherwise anyways

                haymaker's avatar - Lottery-012.jpg
                Egg Harbor twp.south Jersey shore
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                Posted: January 22, 2013, 8:23 pm - IP Logged

                Yeah I wouldnt either but here in NC they make you turn the ticket in at the lottery office for any amount over $600....if a place chooses to cash it its on them....I think it a chance they are taking with their license if they do otherwise anyways

                A few months ago I had a $1200 win, when the clerk (owner) scanned the ticket,

                I expected him to hand me a claim form.

                Instead he opened the cash drawer to show me he did'nt have enough cash to pay it,

                I had to tell him that he should give me a claim form, his son had to tell him where they were,

                I guess that store never had a winner @ $600+

                Extraordinary Popular Delusions & the Madness of Crowds    -- Charles Mackay  LL.D.


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                  Posted: January 23, 2013, 8:06 am - IP Logged

                  A few months ago I had a $1200 win, when the clerk (owner) scanned the ticket,

                  I expected him to hand me a claim form.

                  Instead he opened the cash drawer to show me he did'nt have enough cash to pay it,

                  I had to tell him that he should give me a claim form, his son had to tell him where they were,

                  I guess that store never had a winner @ $600+

                  So you need a claim form to turn it in at the lottery headquarters?? Or can you just take it there?

                    dk1421's avatar - Lottery-024.jpg
                    North Carolina
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                    Posted: January 23, 2013, 9:46 am - IP Logged

                    A few months ago I had a $1200 win, when the clerk (owner) scanned the ticket,

                    I expected him to hand me a claim form.

                    Instead he opened the cash drawer to show me he did'nt have enough cash to pay it,

                    I had to tell him that he should give me a claim form, his son had to tell him where they were,

                    I guess that store never had a winner @ $600+

                    Nice to know definitively about the claim forms. The biggest I've had is $500 (which was awesome!) so I didn't need to worry about claim.

                    Ironically, I do remember praying that either it would be a big win or just under the $600 since I knew I'd be taxed on it. And yes, claim it because they have your SS# and will be expecting you to pay taxes on it. Otherwise, you are just asking for trouble to follow you. Sorry about that! But better to be good than not.

                    Interestingly enough, I just read an article on Yahoo News about Trusts over $1million mark and the new policies that started on January 1st. I hope I win big soon because you can gift/shield up to $5.25 million if you are single or $10.5 million if a couple for your lifetime. Anyway, there is more to it, but considering it used to be $1million, this is good news for those of us hoping to win the big one. Bad news, however, for us normal peons, because less taxes the rich pay.

                    http://finance.yahoo.com/news/trust-kid-5-25-million-025500042.html

                    "Don't be a schmuck, always take the cash." -Coin Toss


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                      Posted: January 23, 2013, 9:54 am - IP Logged

                      A few months ago I had a $1200 win, when the clerk (owner) scanned the ticket,

                      I expected him to hand me a claim form.

                      Instead he opened the cash drawer to show me he did'nt have enough cash to pay it,

                      I had to tell him that he should give me a claim form, his son had to tell him where they were,

                      I guess that store never had a winner @ $600+

                      They may not have seen cuz people carry theirs into the lottery office and ask for cash. I think people are afraid to mail them in and perhaps never see them again. lol. lol.


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                        Posted: January 23, 2013, 9:56 am - IP Logged

                        So you need a claim form to turn it in at the lottery headquarters?? Or can you just take it there?

                        You can take it there b2b but the first thing they will ask is that you fill out a claim form. lol.


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                          Posted: January 23, 2013, 9:59 am - IP Logged

                          They may even ask you to wait for a check in the mail. I was at the lottery office and a guy in front of me with a $500. winner was being told they would send him a check. Only after he insisted on cash did they open the draw and hand it out.


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                            Posted: January 23, 2013, 10:19 am - IP Logged

                            You can take it there b2b but the first thing they will ask is that you fill out a claim form. lol.

                            Oh yeah I assumed that...but someone has said they got a claim form at the place they bought the ticket....and I didnt know they could do that..anywheres other than the headquarters not at the retailer


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                              Posted: January 23, 2013, 10:32 am - IP Logged

                              Oh yeah I assumed that...but someone has said they got a claim form at the place they bought the ticket....and I didnt know they could do that..anywheres other than the headquarters not at the retailer

                              Funny..... I would not have known either because Ive never needed one. lol. lol. lol. LOL