What is the dollar amount that you can win in a lottery before having to pay taxes on it?
The casino is in Oklahoma. I was just wondering if the people of Kansas who won the lottery down in Oklahoma were to pay taxes if it reaches a specified dollar amount?
Posted by: Renee B
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April 16th, 2009 at 11:17 am
Win Zero.. pay zero…
The government requires YOU pay taxes on all winnings.
If you are at a casino and win $100.oo or whatever amount, and there is no receipt… then there is n o paper trial… Now the casinos are printing receipts right at the machine so you need to claim or get a good lawyer if you are ever audited.
Lottery IS definitely taxed !!
April 17th, 2009 at 7:35 am
Federal Taxes – 100% must be reported and claimed to the IRS.
States have different tax rates and laws.
April 17th, 2009 at 11:45 am
For federal purposes, every dollar won must be included on your tax return. Just because you don’t get a W-2G does not mean you don’t have to include those winnings. Most winnings of $500 or less don’t trigger a W-2G. Don’t forget that you get to write off gambling losses against winnings. Enter the losses on Schedule A as “Other – not subject to the 2%”. Your total losses you enter on Schedule A can not exceed the amount of winnings you claim on line 21 of your 1040.
Most states don’t tax winnings from their own state’s lotteries, but they do tax winnings from other states lotteries. Check with your state’s tax page. Oklahoma may even tax you too. You better check with them too to see if you have to file a tax return there.