Welcome Guest
Log In | Register )
You last visited January 21, 2017, 4:32 pm
All times shown are
Eastern Time (GMT-5:00)

California lottery scratchers tax on winnings question

Topic closed. 7 replies. Last post 5 months ago by Hadla13.

Page 1 of 1
51
PrintE-mailLink
Avatar
New Member
California
United States
Member #176627
August 16, 2016
6 Posts
Offline
Posted: August 16, 2016, 9:32 pm - IP Logged

Hi, found out yesterday that I won in the second chance drawing from scratchers! I can't seem to find any info on how much I will get taxed... I won $5000 and I'm seeing anywhere from 25-40%. If anyone here has experience with the ca lottery, I'd greatly appreciate it! Thanks in advance :)

    Avatar

    United States
    Member #34931
    March 9, 2006
    98 Posts
    Offline
    Posted: August 17, 2016, 10:13 am - IP Logged

    Unclear how much research you have actually done?

    Shouldn't be too difficult to add another $5,000 to your estimated 2016 income to calculate what your federal tax liability will be?

      Avatar
      New Member
      California
      United States
      Member #176627
      August 16, 2016
      6 Posts
      Offline
      Posted: August 17, 2016, 12:14 pm - IP Logged

      Well I've always recieved refunds so I don't know how I would calculate this. I thought they take a set amount off the $5000...

        Avatar

        United States
        Member #164725
        March 12, 2015
        365 Posts
        Offline
        Posted: August 17, 2016, 2:49 pm - IP Logged

        Congratulations!

        I suspect they withhold 25% for the feds and if you owe more come April 15, you owe more. 

        But, tell us - how many entries do you make a week on second chance scratchers?

          Avatar
          New Member
          California
          United States
          Member #176627
          August 16, 2016
          6 Posts
          Offline
          Posted: August 17, 2016, 4:36 pm - IP Logged

          Thanks :) I guess it was around 20-30 a week for a few months, but now I'm not buying any more. Just found out it was a ticket I entered on July 31.

            Avatar

            United States
            Member #164725
            March 12, 2015
            365 Posts
            Offline
            Posted: August 17, 2016, 5:50 pm - IP Logged

            I read how some people collect discarded tickets and enter the maximum monthly amount or more if they have family members signed up. I think like with MM/PB you just have to have 1 entry to win. Or at least I hope so! Like you I enter about 20-25 a week but have stopped buying them. I just try to have an entry each week.  Scratchers entries are up and are averaging about 20 million per week. This must be due to the ability to use a phone to scan the entries in because it is sure not due to the great prizes!

              Avatar
              California
              United States
              Member #173360
              February 28, 2016
              40 Posts
              Offline
              Posted: August 18, 2016, 3:32 am - IP Logged

              Can you deduct gambling costs on your taxes? Say you spent $1,000 on scratchers that year, could you put that as a deduction and how?

                Avatar
                New Member
                California
                United States
                Member #176627
                August 16, 2016
                6 Posts
                Offline
                Posted: August 18, 2016, 3:34 pm - IP Logged

                I have no idea... And I don't know how much I spent on them. :/