Is there a threshold to a lottery ticket win that if you're under you don't have to claim it on taxes?

[MinhT · Accepted solution]

No, there is not a threshold below which lottery winnings are not taxable. Lottery winnings are taxable from the first dollar and are reported as Gambling winnings.

To report the winnings in TurboTax, open your return and follow these steps:

• Click on Federal in the left-hand column, then on Income and Expenses on top of the screen
• Scroll down to All Income, locate the Less Common Income section
• Click Show more and click Start next to Gambling winnings (see attached screenshot).