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Lottery Advise

Topic closed. 7 replies. Last post 13 years ago by RJOh.

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New Member
Columbus/Ohio
United States
Member #3894
February 29, 2004
3 Posts
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Posted: February 29, 2004, 4:50 pm - IP Logged

Hello,

Does anyone know where and how to claim your loosing tickets?

I had wont a little chunck and somone told me you can save your loosing ticket to show on your tax and you will be all set.  Do I have to fill out seperate form for loosing ticket if so Please advise what is the form number.  Any suggestion is appreciated.  BTW, I am in Ohio.

Thanks.

    RJOh's avatar - chipmunk
    mid-Ohio
    United States
    Member #9
    March 24, 2001
    19831 Posts
    Offline
    Posted: February 29, 2004, 5:54 pm - IP Logged

    You can only use your losing tickets to off set your lottery winnings that you claim on your tax return.  Unless you are a professional gambler you will claim them as regular deductions which when added to your other deductions (interest on loans, extra medical cost, and etc), they have to amount to more than the standard deductions.  In 2002, I matched 5 in the Ohio Super Lotto for $1500 and spent $2800 dollars on lottery tickets that year(PowerBall, Big Game, Buckeye5 and Ohio649).  I added the $1300 loss along with interest on credit cards and other loans and they didn't add up to the standard deduction of $4500 so I still end up paying $300 more than I would have paid had I won nothing.  Keep those losing tickets, they may save you a few bucks if you ever win a big prize and file the long tax form.

    RJOh

     * you don't need to buy more tickets, just buy a winning ticket * 
       
                 Evil Looking       


      China
      Member #3032
      December 16, 2003
      1081 Posts
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      Posted: March 1, 2004, 4:17 am - IP Logged

      can I see your winning ticket

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        New Member
        Columbus/Ohio
        United States
        Member #3894
        February 29, 2004
        3 Posts
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        Posted: March 1, 2004, 9:19 am - IP Logged

        RJ,

        It happened to me also.  I matched 5 ohio super lotto in 2003 so i will have to claim that $$$..

        I have loosing tickets for about $1500 so I think that will offset the winning ones???


          China
          Member #3032
          December 16, 2003
          1081 Posts
          Offline
          Posted: March 1, 2004, 9:26 am - IP Logged

          whats the deadline to claim your prize?

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            New Member
            Columbus/Ohio
            United States
            Member #3894
            February 29, 2004
            3 Posts
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            Posted: March 1, 2004, 9:37 am - IP Logged

            I already claimed it but I think you have 90 days from the results.


              China
              Member #3032
              December 16, 2003
              1081 Posts
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              Posted: March 1, 2004, 9:43 am - IP Logged

              thank you.if you claimed it and haven't get the money back,will you still get it after 90 days?

                RJOh's avatar - chipmunk
                mid-Ohio
                United States
                Member #9
                March 24, 2001
                19831 Posts
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                Posted: March 1, 2004, 6:18 pm - IP Logged

                Now you know why governments support lotteries.  They take 50% off the top for running the games and when they pay the other 50% out in prizes they get 30% of that in taxes.  65%-70% of every dollar spent and some politicians have suggested an additional 5% sale tax so that the losers don't get away tax free.

                RJOh

                 * you don't need to buy more tickets, just buy a winning ticket * 
                   
                             Evil Looking