I just won $1,000 playing an instant scratch lottery ticket. Should I notify my family?

[Anonymous]

Anonymous wrote:Hell no. Fun money.

+1

[Anonymous]

Congrats! No, don't tell anyone. I would enjoy most of it but put a little extra in the offering plate on Sunday.

[Anonymous]

"Although retailers who pay out scratch prizes worth less than $600 aren't required to report to the IRS, your winnings are still considered taxable income. It should be reported on your tax return as Other Income."

http://budgeting.thenest.com/much-tax-taken-scratch-ticket-27241.html

So yes, you should tell your spouse, as he or she will find out eventually so there's no point in hiding it.

[Anonymous]

i think you'll have a 1099 and if you file jointly you'll have to share then.

[Anonymous]

Which game? ($1, $5..)
Do you buy regularly?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Don't forget state and federal taxes.

You do not need to report this unless it is over 10,000.

You are LEGALLY OBLIGATED to pay taxes on ANY lottery winnings. Federal and state if your state has an income tax.

Gamblers are lucky in that casino taxes are not progressive like income taxes are. That is, you will owe the same percentage to the IRS on a $100,000 jackpot as a $10,000 one. Yet, it’s important to know the thresholds that require reporting. Winnings in the following amounts must be reported:

$600 or more at a horse track (if that is 300 times your bet)
$1,200 or more at a slow machine or bingo game
$1,500 or more in keno winnings
$5,000 or more in poker tournament winnings

[Anonymous]

Anonymous wrote:

Anonymous wrote:Don't forget state and federal taxes.

You do not need to report this unless it is over 10,000.

Completely wrong.

All winnings are reportable income.

You are thinking about money laundering rules that say 10k in cash in/out of a bank on the same day get reported by the bank on a currency transaction report.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Don't forget state and federal taxes.

You do not need to report this unless it is over 10,000.

You are LEGALLY OBLIGATED to pay taxes on ANY lottery winnings. Federal and state if your state has an income tax.

Gamblers are lucky in that casino taxes are not progressive like income taxes are. That is, you will owe the same percentage to the IRS on a $100,000 jackpot as a $10,000 one. Yet, it’s important to know the thresholds that require reporting. Winnings in the following amounts must be reported:

$600 or more at a horse track (if that is 300 times your bet)
$1,200 or more at a slow machine or bingo game
$1,500 or more in keno winnings
$5,000 or more in poker tournament winnings

Reporting of this nature is done by people paying out winnings. You are talking about 1099 misc.

You still have to report and may owe tax on all income

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Don't forget state and federal taxes.

You do not need to report this unless it is over 10,000.

You are LEGALLY OBLIGATED to pay taxes on ANY lottery winnings. Federal and state if your state has an income tax.

Gamblers are lucky in that casino taxes are not progressive like income taxes are. That is, you will owe the same percentage to the IRS on a $100,000 jackpot as a $10,000 one. Yet, it’s important to know the thresholds that require reporting. Winnings in the following amounts must be reported:

$600 or more at a horse track (if that is 300 times your bet)
$1,200 or more at a slow machine or bingo game
$1,500 or more in keno winnings
$5,000 or more in poker tournament winnings

Reporting of this nature is done by people paying out winnings. You are talking about 1099 misc.

You still have to report and may owe tax on all income

Actually, any lottery winnings over $600 will be paid by the state agency (not from a 7-11 or Giant) and you will receive a W-2G, not a 1099. For those of us degenerates, you can offset gambling winnings with gambling losses, so you are effectively not taxed if you have lost at least how much you have won in a year.

Ask me how I know.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Don't forget state and federal taxes.

You do not need to report this unless it is over 10,000.

Ha!

Yes you do.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Don't forget state and federal taxes.

You do not need to report this unless it is over 10,000.

The federal gov't will know if you win more than $600 because you're going to get a W2-G.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Don't forget state and federal taxes.

You do not need to report this unless it is over 10,000.

You are LEGALLY OBLIGATED to pay taxes on ANY lottery winnings. Federal and state if your state has an income tax.

Gamblers are lucky in that casino taxes are not progressive like income taxes are. That is, you will owe the same percentage to the IRS on a $100,000 jackpot as a $10,000 one. Yet, it’s important to know the thresholds that require reporting. Winnings in the following amounts must be reported:

$600 or more at a horse track (if that is 300 times your bet)
$1,200 or more at a slow machine or bingo game
$1,500 or more in keno winnings
$5,000 or more in poker tournament winnings

Reporting of this nature is done by people paying out winnings. You are talking about 1099 misc.

You still have to report and may owe tax on all income

Actually, any lottery winnings over $600 will be paid by the state agency (not from a 7-11 or Giant) and you will receive a W-2G, not a 1099. For those of us degenerates, you can offset gambling winnings with gambling losses, so you are effectively not taxed if you have lost at least how much you have won in a year.

Ask me how I know.

This is the correct answer. I think I know how you know

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Don't forget state and federal taxes.

You do not need to report this unless it is over 10,000.

You are LEGALLY OBLIGATED to pay taxes on ANY lottery winnings. Federal and state if your state has an income tax.

Gamblers are lucky in that casino taxes are not progressive like income taxes are. That is, you will owe the same percentage to the IRS on a $100,000 jackpot as a $10,000 one. Yet, it’s important to know the thresholds that require reporting. Winnings in the following amounts must be reported:

$600 or more at a horse track (if that is 300 times your bet)
$1,200 or more at a slow machine or bingo game
$1,500 or more in keno winnings
$5,000 or more in poker tournament winnings

Reporting of this nature is done by people paying out winnings. You are talking about 1099 misc.

You still have to report and may owe tax on all income

Actually, any lottery winnings over $600 will be paid by the state agency (not from a 7-11 or Giant) and you will receive a W-2G, not a 1099. For those of us degenerates, you can offset gambling winnings with gambling losses, so you are effectively not taxed if you have lost at least how much you have won in a year.

Ask me how I know.

And it's a pretty safe bet you had more than enough to offset

[Anonymous]

Gamblers are lucky in that casino taxes are not progressive like income taxes are. That is, you will owe the same percentage to the IRS on a $100,000 jackpot as a $10,000 one. Yet, it’s important to know the thresholds that require reporting. Winnings in the following amounts must be reported:

$600 or more at a horse track (if that is 300 times your bet)
$1,200 or more at a slow machine or bingo game
$1,500 or more in keno winnings
$5,000 or more in poker tournament winnings

300 times your bet? Did the horse that ran on those odds have three legs, or what? Just curious.

[Anonymous]

No.