In most cases, taxes will be withheld on your lottery winnings before you receive the money. If you itemize your deductions, your gambling losses will be deducted up to the amount of your gambling winnings. See the example in the FAQ below. Make sure that you have entered the taxes that you paid on the lottery winnings.
You can preview your tax return (1040) to see the tax calculation.
https://ttlc.intuit.com/replies/3301128
To
preview your 1040 in TurboTax follow these steps:
1.
Click "Tax Tools" (On the left
in black)
2.
Click "Tools"
3.
Click "View Tax Summary" under
"Other helpful links…"
4.
Click "Preview my 1040" its on
the left in black.
