I won ten-thousand dollars..........................?

Question

and I'm wondering how I claim that on my State taxes............HELP

in a State Lottery, how do I claim this on my taxes ?

Answer 1

Lottery winnings go on Line 21 of the 1040 form. You report it as income on both returns.

Answer 2

Most states do not tax winnings on their own lotteries. Read the instructions for your state returns to see if this is the case where you live, since different states have different rules.

You do have to claim it on your federal taxes, though.

Answer 3

You should receive a W2G from the state. Hold off filing your return until you get that as taxes should have been withheld. There's a line for gambling winnings. Read the instructions.

Answer 4

For Federal Taxes:

You may be required to withhold 25% of gambling winnings for federal income tax. This is referred to as regular gambling withholding. Withhold at the 25% rate if the winnings are more than $5,000 and are from:

Sweepstakes,

Wagering pools,

Lotteries, and

Other wagering transactions if the winnings are at least 300 times the amount wagered.


Do not withhold at the 25% rate on winnings from bingo, keno, or slot machines or any other wagering transaction if the winnings are $5,000 or less. However, see Backup Withholding below.

Regular gambling withholding applies to the total amount of gross proceeds (the amount of winnings less the amount wagered), not merely to the amount in excess of $5,000.

Report the amount you withheld in box 2 of Form W-2G. Also file Form 945, Annual Return of Withheld Federal Income Tax, to report all your gambling withholding.

For State tax, go to your states website.

Answer 5

Best to ask your tax preparer.

Answer 6

you would be better off goin to a tax expert..they have so many ways of doing and not doing things..go through them.