I won $25,000 on a scratch off ticket how do I file that
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New Member

I won $25,000 on a scratch off ticket how do I file that

I live in Buffalo New York I am a single parent now as of September 29th 2015 when I was divorced will I owe taxes on my $25,000 win link scratch offthey did take a total of $10,500 between federal and state
8 Replies
Level 15

I won $25,000 on a scratch off ticket how do I file that

You should have received or will receive a form W-2G or Form 1099-MISC for the winnings and it should include the taxes withheld.
Level 15

I won $25,000 on a scratch off ticket how do I file that

It is gambling winnings and is entered in the Wages and Income section under Less Common Income.
Level 15

I won $25,000 on a scratch off ticket how do I file that

do you have any gambling losses?
Level 15

I won $25,000 on a scratch off ticket how do I file that

You might owe more tax or get a refund depending on all your other income.  You didn't actually pay the tax, they just took out withholding like withholding from your paycheck.  You still have to enter the whole amount (before taxes were withheld) with your other income to figure out the total tax (and it may put you into a higher tax bracket)  and then the withholding is subtracted from the total tax to figure your refund or tax due.
Level 15

I won $25,000 on a scratch off ticket how do I file that

You had 42% withheld for taxes.  That sounds like a lot, even including state.
New Member

I won $25,000 on a scratch off ticket how do I file that

Your gambling winnings will be added to your other income for the year and you will be taxed on all of it.  Whether or not you get a refund or not depends on how much tax you owe on all of your income. 

The place you won the lottery from should be sending you a form W2-G.  The money that they withheld should be federal and state withholding just like is taken out of a normal W2.

You can use gambling losses to offset your winnings, but only if you itemize deductions, meaning you have to have enough deductions to be higher than your standard deduction.  Also, you can only use losses up to the amount you won.

 In the TurboTax program follow these steps in the income section:

Other common income

Gambling Winnings

Then you will choose start and enter the W2-G information.

New Member

I won $25,000 on a scratch off ticket how do I file that

I won a 250,000 stratch off ticket do I get all my taxes back at tax time

Level 15

I won $25,000 on a scratch off ticket how do I file that

@Savage120 You have added on to a very old thread.  You do not tell us anything about your tax situation except that you won a scratch off ticket and you want to know if you will get all your tax back.  That is very unlikely.  Prepare a tax return and enter your information.

 

Gambling

To enter the W-2G  or other documents For your Gambling winnings--Go to Federal>Wages & Income>Less Common Income>Gambling Winnings

You can enter your winnings, and then keep clicking through the interview to enter gambling losses.

 

https://www.irs.gov/help/ita/how-do-i-claim-my-gambling-winnings-and-or-losses

 

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

 

 

2019 Standard Deduction Amounts

 

Single $12,200   (+ $1650 65 or older)

Married Filing Separate  $12,200   (+ $1300 if 65 or older)

Married Filing Jointly $24,400   (+ $1300 for each spouse 65 or older)

Head of Household $18,350  (+ $1650 for 65 or older)

**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.**
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