Comments on: How does winning state lottery affect my income tax?

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By: jayteaou812

jayteaou812 — Wed, 14 Jul 2010 21:08:59 +0000

Lottery winnings are taxable! When the Play-4 Lottery sent you form W2-G they also sent notification to the IRS that you received this income. Therefore the IRS will be expecting you to include this on your income tax return as taxable income. This is one area where many people get into trouble with the IRS by not including their winnings as income. The IRS eventually catches it and sends the taxpayer a bill (IRS Notice CP2000) for the difference along with penalties and interest. Just be sure to report it!
References :
http://www.irs.gov/individuals/article/0,,id=125385,00.html
http://www.effectur.com/taxsolutions/default.aspx

By: Eugene D

Eugene D — Wed, 14 Jul 2010 21:01:59 +0000

You must report the $800 as income in addition to whatever you made yourself
References :
pers. exp.

By: travelguruette

travelguruette — Wed, 14 Jul 2010 20:47:59 +0000

You will add 800 to your total income and pay taxes if you have any tax liability. I am not sure about Fl but in CA state lottery is not taxed only for Federal
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By: acmeraven

acmeraven — Wed, 14 Jul 2010 20:29:59 +0000

Line 21 on form 1040; other income, 1099G/winnings. Totaled in with other income. If you are a student and your parents take your dependency but you are employed and get a W-2 form for wages you can reduce your total income by the standard exemption amount of $ 5,450 and what is left is what you pay tax on.
References :

By: xtraheavy01

xtraheavy01 — Wed, 14 Jul 2010 19:47:59 +0000

anonymous,

Depends on your income level. If you made under $8150, you will owe no tax if you add $800 to that at the federal level
References :
I am an accountant

By: v b

v b — Wed, 14 Jul 2010 19:22:59 +0000

So…your aunt did some tax evasion by sullying your good name.

If you are a student with $0 earned income, you won’t owe tax as the first $900 isn’t taxed.

if you are a student with, say, $2000 of earned income, you will owe $50 since your standard deduction will only cover the first $300 of it. Mention this to your parents and ask them how they feel about your Aunt’s borrowing your name and SSN.
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By: golferwhoworks

golferwhoworks — Wed, 14 Jul 2010 19:15:59 +0000

you will pay the taxes on it as income as it will be added into your earnings to be taxed
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By: nmmoritz

nmmoritz — Wed, 14 Jul 2010 18:41:59 +0000

You will have to report the winnings on your 2008 tax return, and most likely, if no taxes were paid on it, then you (or whomever) will have to pay taxes on the winnings.
References :

By: Relax, I'm here now.

Relax, I'm here now. — Wed, 14 Jul 2010 18:06:59 +0000

If you made less than like 10,000 dollars this year, you won't have to pay any taxes anyway when you add that winning W2 to your income tax filing.
References :