turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

jaybomail
New Member

It appears that I paid taxes on my $2,600 lottery winning for 2017. I had more than that amount in losses, and reported it. Why was I charged tax? Thanks for any help.

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
FaithY
Expert Alumni

It appears that I paid taxes on my $2,600 lottery winning for 2017. I had more than that amount in losses, and reported it. Why was I charged tax? Thanks for any help.

In most cases, taxes will be withheld on your lottery winnings before you receive the money. If you itemize your deductions, your gambling losses will be deducted up to the amount of your gambling winnings. See the example in the FAQ below. Make sure that you have entered the taxes that you paid on the lottery winnings. 

You can preview your tax return (1040) to see the tax calculation.

https://ttlc.intuit.com/replies/3301128


To preview your 1040 in TurboTax follow these steps: 

1.       Click "Tax Tools" (On the left in black)

2.       Click "Tools"

3.       Click "View Tax Summary" under "Other helpful links…"

4.       Click "Preview my 1040" its on the left in black. 

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question