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Level 2
February 18, 2022
Solved

lottery winnings

  • February 18, 2022
  • 1 reply
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are the lottery winnings taxable in the year the ticket was purchased or the year it was cashed in.

    Best answer by Critter-3

    Look at the W-2G form they gave you ... what tax year is on it ?  

    1 reply

    Level 9
    February 18, 2022

    For lottery winnings, that means one of two things.

    • You’ll either pay taxes on all the winnings in the year you receive the money — for winnings paid out as a lump-sum payment.
    • Or you’ll pay taxes only on the amount you receive each year — for winnings paid as an annuity.
    giafofx7Author
    Level 2
    February 20, 2022

    If I had a 5000.00 winning lottery from 2021 but did not cash it until 2022,which year would I show the winning amount in

    Critter-3
    Critter-3Answer
    Level 15
    February 20, 2022

    Look at the W-2G form they gave you ... what tax year is on it ?