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
- jseah114Lv 61 decade agoFavorite Answer
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.
- Wayne ZLv 71 decade ago
Lottery winnings go on line 21 of the Federal 1040.
How much (if any) you get back would depend how much was won along with the amount of deductions that you have. Was the $15k withheld for Federal and State or just Federal?