ok so if you can use the losing lotto ticket then were do you turn then in for the tax off set when you win?

Answer 1

You file it with your taxes and then you will get a refund for the amount they took out when they paid you. You need the losing lotto tickets as back up only not actually filing them with your taxes. You would need to have 5000 losing $1 lotto tickets to offset the $5000 winner. Go talk to your accountant or H&R Block or whatever and they will tell you what you need to do.

Answer 2

Keep a record of how much you spend on lottery tickets and then when you fill out your 1040 form for your taxes, there is a spot to put that in (only if you won something). You don't actually have to turn them in, but if you get audited, the IRS may ask to see proof that you bought them, so keep track of them in some way.

If you get your taxes done at a place like H&R Block, they'll know where on the 1040 to put it. But I highly recommend you check into local free tax preparation programs, they are really good and they don't charge ANYTHING, but they are usually limited to people in a certain income range....

Answer 3

You don't actually need to submit the lossing lotto tickets with your tax return. You need to keep them with your files, in case you get audit by IRS.

Best wishes.

Answer 4

You hold them after recording the total on Schedule A of 1040. Note - if don't have a house with mortgage may not have enough $$ to take more than the default so would get no benefit at all.

Answer 5

Your winnings must be reported on your tax return.

And then your losses (the losing tix) can be deducted on Schedule A (itemized deductions), on line 27 of the 2005 form.

Answer 6

If you submit your own tax forms, hold on to them with all of your other deduction records. If someone else does your taxes, give them all of your records and they will give them back after processing the tax filings for you to keep on file .

Answer 7

that info is on the back of the ticket.