Gambling Winnings & Losses

Where do I report the lottery winnings I won during the year on my tax return ? I received a 1099-G

Answer:

Lottery winnings, prizes and awards are taxable income and reported as "other income" on line 21 of the 1040 form. Do not forget to deduct your gambling losses on Schedule A, which are only deductible to the extent of your winnings.
CPAdirectory
Answer Provided by: CPAdirectory

Share This Answer

Looking For More?

View all Gambling Winnings & Losses Questions

View More Questions