No, there is not a threshold below which lottery winnings are not taxable. Lottery winnings are taxable from the first dollar and are reported as Gambling winnings.
To report the winnings in TurboTax, open
your return and follow these steps:
- Click on Federal in the left-hand column, then
on Income and Expenses on top of the screen
- Scroll down to All Income, locate the Less Common
Income section
- Click Show more and click Start next to Gambling winnings
(see attached screenshot).
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