My dad won $5,000 on a scratch off ticket. When he cashes it, does he have to pay the taxes up front, or can he wait and file it at the end of the year on his tax return? Just wondering how this works, I have never met anyone who one this kind of money on lottery.

 

Comments

  • On a prize that small, they will probably give him the check for the full $5,000 and a W-2G so he’ll have to file it on his tax return but he can claim gambling losses against it so scavenge the garbage bins at the stores and fish out all the losing scratch off tickets. If you can get $5,000 of them in face value, he won’t have to pay taxes at all on the winnings.

  • http://www.ticketdugout.com they have good prices.

  • Don’t worry.
    CPA will take care of it end of year.
    To pay less money, you need to show a lot of lost tickets.
    No problem.
    Just dig into trash can of store sells those tickets. LOL

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