I won $1000.00 on lottery scratchers do i have to turn it in on my income tax return?

I won $1000.00 on lottery scratchers do i have to turn it in on my income tax return?

Postby friend » Fri Jan 21, 2011 12:03 am

if i do how do I and I had taxes taken out when i won will they take out more?
friend
 
Posts: 125
Joined: Wed Jan 12, 2011 2:16 am



I won $1000.00 on lottery scratchers do i have to turn it in on my income tax return?

Postby takuya » Fri Jan 21, 2011 12:08 am

Yes, you file form 1040 for your return, and show the lottery win as "other income".

Show the taxes withheld as withholding on line 61 along with any other withholding you had. It might or might not be enough to cover what you owe - depends on your total income.
takuya
 
Posts: 104
Joined: Fri Jan 14, 2011 12:00 am



I won $1000.00 on lottery scratchers do i have to turn it in on my income tax return?

Postby mercher17 » Fri Jan 21, 2011 12:11 am

Yes you do using the 1040 federal income tax return page 1 line 21 other income describe as Gambling lottery winnings scratch off tickets line 21 1000
And the federal income tax withheld amount that you have shown on the W2-G that you have in your hand will be entered on page 2 of the 1040 line 61 Federal income tax withheld from Forms W-2 and 1099 . . 61 $$$ amount and you will have credit for that as a estimated income tax payment on the 1000 of gambling winnings and you may qualify for a income tax REFUND amount after your 1040 income tax return is correctly completed and ready to file to the correct IRS address.
Hope that you find the above enclosed information useful and good luck to you.
mercher17
 
Posts: 111
Joined: Wed Jan 12, 2011 2:16 am



I won $1000.00 on lottery scratchers do i have to turn it in on my income tax return?

Postby alejandro » Fri Jan 21, 2011 12:17 am

Yes you do have to claim it, but at the same time if you claim a gambling loss of $1,000 you are even and no tax will be taken out. I usually have lottery/gambling winnings every year, but I claim the loss so there is no tax.
alejandro
 
Posts: 94
Joined: Wed Jan 12, 2011 12:05 am




Return to Taxes



 


  • Related topics
    Replies
    Views
    Last post

Who is online

Users browsing this forum: No registered users and 0 guests

cron