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Reply to "I just won $1,000 playing an instant scratch lottery ticket. Should I notify my family?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Don't forget state and federal taxes.[/quote] You do not need to report this unless it is over 10,000.[/quote] You are LEGALLY OBLIGATED to pay taxes on ANY lottery winnings. Federal and state if your state has an income tax. [/quote] 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[/quote]
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