Can You Claim Lottery Losses On Your Taxes?
Is it true i can claim my losses on lottery tickets for tax purposes?
IF I CLAIM $100 IN LOTTERY LOSS WILL I BE GIVEN A FULL $100 REFUND AT THE END OF THE YEAR WHEN I DO MY TAXES?
Hardly. The best you can do is wipe out the tax bite on your gambling winnings.
You can claim gambling losses only to the extent of gambling winnings. You must claim all gambling winnings whether or not you received a W2G or tax was withheld from the winnings.
If you itemize deductions, you may deduct your losses, up to the amount of gambling winnings claimed. If your losses are more than your winnings, the excess losses are not deductible.
See the link below for more information.
iowa tax questions?
I do not have a job so have no income to claim this year except I did win the lottery they took 15,000 in taxes I was told that I canclaim this and maybe get some back I was wondering if anyone knows how to go about it and how much of a precentage I should get back thanks for the help total won 50,000 took both state and fed
Most likely the withholding was for federal only. Generally, lottery winnings are not taxable in the state in which the lottery is held. You should receive a 1099-G sometime this month that shows the lottery winnings and the withholdings. You would need to file a tax return to report the winnings. Depending on whether you have enough to itemize, you can also claim lottery losses (losing tickets) or other gambling losses to the extent of your winnings. The withholding should have been done based on statutory rates, which may or may not be the same as what you will actually owe.
Edit: Oops....just checked the Iowa tax laws and lottery winnings are taxable in the state of Iowa.
Any use of non-winning lottery tickets on tax return?
I heard that you can claim losses on schedule A up to the amount of your gambling win. However, you play $100 worth of Powerball this year and win nothing, then are those stupid non-winning tickets only good for garbage bin or is there any other use on your tax return? Shied...: I said if you have NO GAMBLING WINS.
If you have no winnings then you cannot claim losses. You can only claim losses if you itemize. If you dont itemize then you cannot claim losses only winnings.
in the state of NJ I am going to end up paying taxes on my unemployment?
I am wondering can I claim my Losing lottery tickets on my 2010 taxes? Or does only apply if you won over 600.00 playing this year?
1) Unemployment is fully taxable on your Federal return, and thus taxable as "Other Income" on your NJ return.
2) Losing lottery tickets can only be taken as a Federal deduction up to the amount of gambling winnings, and only if you itemize on your Federal return. Amounts make no difference.
On your NJ return, you have to pay taxes on winnings, but get no deduction for losses.
how to claim not winning lottery tickets on taxes?
i was saving not winning lottery tickets (online, and scratch). i heard there is a way to claim them on taxes if itemize the deductions.
You can only use them to offset winnings up to the amount of the winnings, not more . So if you have 40 losers and no winners, you've lost again.
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