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?
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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:
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:
How do i claim my lotto winnings on my taxes
@Splurg2212 wrote:
How do i claim my lotto winnings on my taxes
To enter, edit or delete Gambling Winnings and Losses -
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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