Solved: If taxes are already withheld from lottery winnings would I be able to claim that on my tax return and obtain money. The winning was in New York. What form should I file.
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immaanifiton
New Member

If taxes are already withheld from lottery winnings would I be able to claim that on my tax return and obtain money. The winning was in New York. What form should I file.

The ticket was $10,000 and $3,382 was withheld in taxes from the winnings. I was told everyone has until the 31st to send out their forms in regards to taxes because I only have a receipt from cashing the ticket.

I don't recall any other ticket winnings or losses.

Would I actually have to end up owing taxes even if they already took taxes out?

1 Best answer

Accepted Solutions
EdwardK
Level 5

If taxes are already withheld from lottery winnings would I be able to claim that on my tax return and obtain money. The winning was in New York. What form should I file.

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:

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3 Replies
EdwardK
Level 5

If taxes are already withheld from lottery winnings would I be able to claim that on my tax return and obtain money. The winning was in New York. What form should I file.

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:

View solution in original post

Splurg2212
New Member

If taxes are already withheld from lottery winnings would I be able to claim that on my tax return and obtain money. The winning was in New York. What form should I file.

How do i claim my lotto winnings on my taxes

DoninGA
Level 15

If taxes are already withheld from lottery winnings would I be able to claim that on my tax return and obtain money. The winning was in New York. What form should I file.


@Splurg2212 wrote:

How do i claim my lotto winnings on my taxes


To enter, edit or delete Gambling Winnings and Losses -

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Wages and Income (Personal Income using Home and Business)
  • Click on I'll choose what I work on (if shown)
  • Scroll down to Less Common Income
  • On Gambling Winnings, click the start or update button

Or enter gambling winnings on w-2g in the Search box in the upper right of the program screen. Click on Jump to gambling winnings on w-2g

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