All lottery winnings are considered taxable income even if you don't receive a W-2G. Any amount over $600 requires the payer to issue a W2-G. Winnings are included on line 21 (other income) on the 1040, and the W2-G is attached to the form along with other W-2s. If any taxes had been withheld, that amount would be included on line 64 with your other withholding. If you itemizes deductions, you can deduct your gambling losses (non winning tickets) up to the amount of winnings on your Schedule A.
2006-12-31 01:54:02
·
answer #1
·
answered by STEVEN F 7
·
2⤊
0⤋
Your lotto winnings are taxable on your Federal return. The good news is that you may be able to take a deduction for any gambling losses you can document if you itemize on a Schedule A.
2006-12-31 02:29:25
·
answer #2
·
answered by ? 6
·
0⤊
0⤋
First, let me congratulate you on your winnings!
Yes, you are supposed to pay taxes on those winnings. The IRS expects you to send in the amount equivalent to your "estimated tax." When you file your taxes next year, if you have enough deductions, you may get some of it back.
Cheer up! $1000 less taxes is more money than you had--right?
2006-12-30 23:38:11
·
answer #3
·
answered by Gee Wye 6
·
1⤊
1⤋
Yes, you have to pay federal income tax on it. But if you're a resident of Pennsylvania, you won't have to pay state tax on your winnings, since PA, like many other states, doesn't tax winnings on its own lotteries.
2006-12-31 03:33:15
·
answer #4
·
answered by Judy 7
·
2⤊
0⤋
All lottery winnings are taxable. The Lottery automatically deducts 25 percent federal for any winnings $5,001 or over, and 6.75 percent state income tax for any winnings over $1,999.
2006-12-30 23:35:26
·
answer #5
·
answered by GreyRainbow 4
·
2⤊
2⤋
yes.
2006-12-31 01:04:41
·
answer #6
·
answered by David B 6
·
0⤊
0⤋