Illinois Lottery W2-G?
Quick question, hopefully someone can help. I just filed my income tax from 2012, I won 2,600 dollars on Pick 4 in June of 2012. I had no federal witholding taken out because the amount did not exceed 5,000. State took out 149 dollars, so am I going to owe on this? Am I getting any money back? Will they try saying I owe on federal since they didn't take anything? Thanks
- pdqLv 78 years agoFavorite Answer
"They" won't say anything. YOU have to tell the government what your income was, and this lottery win IS part of that income! If you don't claim this win on your federal return, then you are lying and you'll almost certainly be caught.
Here's the really bad news. When you claim this money on your federal return, you are going to owe the taxes for that 2,600. If you were planning on getting money back this year, you need to plan that it's going to be a lot less than what you thought. You likely owe somewhere around $800 to the feds for this win. So if you usually get back $1,000, this year you'll likely only get around $200. If you usually only get back about $500, this year you're going to OWE the feds around $300!
This is my understanding, but remember the most important thing - I'm a complete stranger in the "Gambling" section of Yahoo! Answers. I'm not a tax expert. You might want to re-ask this question in the Taxes section, and you might want to consult with a real-life expert on this.
- Anonymous5 years ago
My thought is that out of the billions of 3-digit sequences of numbers that get randomly generated every day, it is inevitable that some of them will be 666. The Illinois lottery included those three numbers. The lotteries of 40-something other states probably did not. If ALL states had the same sequence, then you would have something remarkable. As it is, all you've got is a reminder of the fact that because millions of random numbers get generated every day, some of them are going to include "666."