How do you claim losses on lottery winnings?
Since winnings are the opposite of losses, your question is very confusing. Perhaps your lottery winnings were stolen. If so, you can report the theft to the police.
can a convicted felon claim a mega million or powerball lottery winnings in georgia Read More
If you can prove losses equal or close to winnings then yes. Read More
You may deduct the amount of your losses to the extent total of your winnings. In other words if you won $10, and lost $20, you can only claim a loss of $10. $10 winnings minus $10 in losses equals $0.00 ... moot point ... so why even put it down on the form. Read More
If you have already claimed the winnings, there is nothing you can do with that thought to reduce taxes. If not, you can form a partnership or other entity to claim the winnings. I recommend you consult with a CPA before you claim the winnings. Read More
Only the amount that is equal to your gambling losses. Read More
NO they cant because there either in prison ordone time Read More
No. The payer of the lottery winning issued you and the IRS the same information from the copies of the 1099-G that has your social security number and name on the 1099-G showing the amount of your winnings. Read More
Unless the law has changed recently, in the U.S. you can claim losses on your yearly income tax, but you can only deduct the amount up to your winnings. Read More
lottery winnings are unearned income. Read More
Gambling winnings are offsettable with losses. All verifyable of course. Read More
You can write-off gambling losses up to the amount of gambling winnings. Read More
Yes. See the 1040 tax form, page 1, Line 21, Other Income. Read More
In the UK there is no tax on lottery winnings, if you win Â£750.00 you get to spend all of it. Read More
Lottery/Gambling winnings are included as income (1040 - Line 21) and are taxed at the same rate as your wages. However, if you itemize, you can deduct Lottery/Gambling losses up to the amount of your winnings (Schedule A - Line 28). For more information read IRS Publication 525 - Taxable and Nontaxable Income Read More
According to the information at the link below your heirs are entitled to any unpaid lottery winnings. Read More
In the UK there is no tax to pay on lottery winnings, although the govenment do take tax before the prize fund before any winnings are paid. Read More
Yes. Both are utterly irrelevant to lottery winnings. Read More
There are no state or local taxes on lottery winnings in Pennsylvania. There is however a federal tax of 25 percent of the winnings for any prizes that are over $5,000. Read More
California does not tax have a state income tax on lottery winnings. The federal withholding rate amount is 25 % to be withheld from the winnings amount. Read More
I git a bogus lottery winner email from the Ontario Lottery Corporation stating Mike Powell as the contact person to claim my winnings. If anyone received this please post it here and maybe we can catch this scammer. Read More
You will ultimately pay tax on it just like any other income...although gambling losses are deductible against gambling winnings. That amount depends on your own personal circumstances. Read More
Do Pennsylvania residents have to pay taxes on sweepstakes winnings which are not gambline or lottery winnings just a prize from a business contest?
Yes....and lord knows how you draw the line differently from a sweepstake or lottery. It isn't how you won it, (a card game, slot machine, buying a ticket, or having a number drawn out of a hat) it is what it is - winnings. Winnings are ordinary income. You will pay taxes at whatever rate is determined by your total taxable income. If you can itemize, gambling losses are 100% deductible up to the amount… Read More
Age would not have any affect on the requirement that taxes be withheld from your lottery winnings as long as you are still living. Read More
The taxes withheld from Florida lottery winnings is 25 percent as required by the IRS. This only applies to winnings over the amount of $5000. Read More
In the US, yes. Lottery winnings are taxed. Read More
If your brother wins the lottery and buy you things can they take it if you are paying child support?
The purpose of setting up a trust fund to receive lottery prize money is usually to avoid one's heirs having to pay inheritance/estate tax on the winnings you leave behind when you pass away. If this is a concern for you, then you need to consult an estate planner BEFORE you claim your lottery jackpot. Read More
If your brother wins the lottery and buys you expensive things can the child support office do anything about it?
15% Like most things the what was done to produce the income is irrelevant....except for Capital Gains on Investments (which many have tried to make lottery winnings and lost in court), all are taxed the same. Winnings are ordinary income. You will pay taxes at whatever rate is determined by your total taxable income, and both Federal & State. If you can itemize, gambling losses are 100% deductible up to the amount of winnings. Don't… Read More
There are websites available to purchase lottery tickets in Canada. The sites offer extensive information on how to play the lottery in Canada and the types of lotto games which can be entered into. There is also the opportunity to watch the draws. And of course most importantly how to claim any winnings. Read More
Lottery winning are the same as any other earning...and will be taxed federally and locally as any other income of that amount would be (which of course depends on many things, income level, number of dependents, number of deductions, etc.etc.) As I recall, Florida doesn't have much of a State income tax, so your real consideration is Federal. Gambling winnings are fully taxable and must be reported on your tax return. You must file Form… Read More
do you have to be a resident of california to win and collect lottery winnings Read More
I've learned one thing when it comes to student loans, and that is that they can do whatever the hell they want to collect on them. Be sure that they can take your lottery winnings.... Read More
If your brother wins the lottery and buys everything for you can the child support office make you give your things up?
If your brother wins the lottery and buys you things can the child support order order you to sell it or give it up?
The State will not take your brother's lottery winnings, or the personal property he gives you from those winnings Read More
Yes, state residency is not a requirement for playing the lottery. All that matters is that it is actually your ticket and that you report any larger winnings to the IRS. Read More
No, it is a noun. It may be used with another noun as a noun adjunct rather than an adjective (such as lottery ticket, lottery winnings). Read More
Pennsylvania, with twelve. Read More