Can You Claim Lottery Tickets On Taxes?
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.
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.
Can i get deductions on my taxes from my losing powerball tickets and mega million tickets?
Can u get tax deductions off your losing lottery tickets? Powerball tickets and Mega millions.
You can deduct gambling losses, but only as much as any gambling winnings you claim. So if you don't have any gambling income, you can claim $0 in losses.
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.
should lottery winnings be taxed?
The way I see it, lottery winnings should not be taxed because if I play the lottery I am the one who is taking 100% of the risk of losing my money to the lottery if I lose. The IRS is not taking a risk at all in the lottery , yet the IRS wants a portion my lottery winnings. That is not fair at all. Besides, it is money I won, fair and square
And to make matters even worse, you are ALREADY being taxed just by playing the lottery in the first place!!!
The lottery is nothing more than a TAX on the poor and on the ignorant. Seriously! Allow me to explain.
The lottery has a payback rate of only 50%!!! In other words, for every $100,000 the lottery companies collect in ticket sales, they only pay out about $50,000 to winning tickets. (This is BEFORE any taxes are taken out for anybody!) At a 50% payback rate, it easily makes the lottery the WORST bet on the planet. No other standard form of gambling comes even close to being as bad as these tickets. TRULY it is a TAX on the poor and on ignorant people. Poor people don't know any better, and even if they do, they are so desperate that they don't care that they are throwing away a greater portion of their income than ANY other class of people. Ignorant people just don't understand quite how bad a bet they are making.
Some folks will still praise the lottery companies because they are supposedly giving some of this money to go towards education or some other such bogus claim. Although some SMALL amount of money ends up working its way to social aid, it still doesn't matter. WHAT is supposed to help education??? TAXES!!!
As far as your point, lottery winnings are considered income. If you get taxed on income, and lottery winnings are part of your income, then it gets taxed. Most poor and ignorant people don't really care. If they win $5,000, they are doubly ignorant. They are ignorant to the taxes the government takes from that $5K, and they are ignorant to the fact that if it were a fair game, they should have won $10,000 in the first place.
In my opinion, if you are dumb enough to buy lottery tickets, (and by the way - I was VERY dumb for many years), then you deserve to pay the taxes on the very few times you win more than $600 in your lifetime.)
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