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Get your taxes done using TurboTax
Yes, you should enter lottery winnings and the related taxes withheld on your tax returns. However, you should wait to receive the relevant form from the state, i.e. Form W-2G since the payer is supposed to send copies to the IRS and states/localities as well so you want your tax returns to match the information they receive.
Whether you are due a refund or owe taxes ultimately depends on your total income and the tax deductions and credits you qualify for because taxes are calculated based on your taxable income for the year. The taxes withheld for the lottery winnings may not be an accurate estimate when compared to your taxable income as a whole. Please feel free to review the following links for more information:
‎June 4, 2019
11:12 PM