@Dianne67
Congratulations on the winning ticket!
"we have saved our loosing lottery tickets "
The "losing" tickets may have no effect at all. Are you going to be itemizing other deductions like mortgage interest, property tax, etc.? If not, the losing tickets have no effect at all.
Gambling winnings are taxable income. Losses are an itemized deduction. If you do not have enough itemized deductions to exceed your standard deduction, your losses will have no effect.
https://blog.turbotax.intuit.com/income-and-investments/how-are-gambling-winnings-taxed-8891/
https://ttlc.intuit.com/questions/1900352-can-i-deduct-my-gambling-losses
2023 STANDARD DEDUCTION AMOUNTS
SINGLE $13,850 (65 or older/legally blind + $1850)
MARRIED FILING SEPARATELY $12,850 (65 or older/legally blind + $1500)
MARRIED FILING JOINTLY $27,700 (65+/legally blind) ) + $1500 per spouse
HEAD OF HOUSEHOLD $20,800 (65 or older/blind) + $1850)
Try using the current Tax caster tool to see how you will stand for your 2023 tax return.
https://turbotax.intuit.com/tax-tools/calculators/taxcaster/
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
