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

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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][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]

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[/quote]

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.  :wink: [/quote]

This is the correct answer.  I think I know how you know :wink:[/quote]

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