topic In 2022 I won $59,000. How should I file in order to minimize taxes? It was lottery and casino winnings. in Get your taxes done using TurboTax

In 2022 I won $59,000. How should I file in order to minimize taxes? It was lottery and casino winnings.

whendrix1 — Tue, 10 Mar 2026 07:12:48 GMT

I already paid $16,000 taxes on $55000 lottery winnings.

Re: In 2022 I won $59,000. How should I file in order to minimize taxes? It was lottery and casino winnings.

Critter — Thu, 29 Dec 2022 15:42:53 GMT

First you did not "pay" taxes on the winnings already ... there was taxes withheld just like your paycheck has taxes withheld to balance off the estimated taxes you will owe on the tax return. You will have to enter ALL of the winnings prior to the withholdings being taken out on the return. And if you kept records of any gambling losses then you may be able to deduct them on the Sch A if you can itemize deductions. Other than that there is nothing special to do on the return ... congrats on the winnings.

Re: In 2022 I won $59,000. How should I file in order to minimize taxes? It was lottery and casino winnings.

DoninGA — Thu, 29 Dec 2022 15:57:09 GMT

Gambling losses can only be deducted up to the amount of the gambling winnings. Gambling winnings are reported on Form 1040 Schedule 1 on Line 8b as Other Income. The total from Schedule 1 Part I Line 10 flows to the Form 1040 Line 8.

Gambling Losses are reported on Form 1040 Schedule A as a Miscellaneous itemized deduction. Gambling losses are not a one-for-one reduction in winnings. Your total itemized deductions reported on Form 1040 Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.

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