The casino is in Oklahoma. I was just wondering if Kansas people who win the lottery down in Oklahoma will have to pay taxes on it if it reaches a certain dollar amount?
2006-11-23 10:13:27 · 4 answers · asked by Renee B 2 in Business & Finance ➔ Taxes ➔ United States
For federal purposes, every dollar won must be included on your tax return. Just because you don't get a W-2G does not mean you don't have to include those winnings. Most winnings of $500 or less don't trigger a W-2G. Don't forget that you get to write off gambling losses against winnings. Enter the losses on Schedule A as "Other - not subject to the 2%". Your total losses you enter on Schedule A can not exceed the amount of winnings you claim on line 21 of your 1040.
Most states don't tax winnings from their own state's lotteries, but they do tax winnings from other states lotteries. Check with your state's tax page. Oklahoma may even tax you too. You better check with them too to see if you have to file a tax return there.
2006-11-23 17:24:06 · answer #1 · answered by TaxMan 5 · 2⤊ 0⤋
Win Zero.. pay zero...
The government requires YOU pay taxes on all winnings.
If you are at a casino and win $100.oo or whatever amount, and there is no receipt... then there is n o paper trial... Now the casinos are printing receipts right at the machine so you need to claim or get a good lawyer if you are ever audited.
Lottery IS definitely taxed !!
2006-11-23 10:19:32 · answer #2 · answered by Kitty 6 · 1⤊ 0⤋
Yahoo does not run a lottery. Such emails are designed to either steal your ID/credit information and/or have you send in money to "process the claim" or whatever other way the scammers word. The truth is there is no lottery and there is no prize money.
2016-03-29 07:00:23 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Federal Taxes - 100% must be reported and claimed to the IRS.
States have different tax rates and laws.
2006-11-23 10:21:31 · answer #4 · answered by May I help You? 6 · 2⤊ 0⤋