QUESTION
Taxes withheld from $20,000 lottery scratch-off win. Taxes paid back?
Asked on Jan 24th, 2015 on Taxation - New Jersey
More details to this question:
Did not have enough space for my question. After paying 28% tax on a $20,000 win in New Jersey, will I receive those taxes I initially paid back on my tax return? I will be reporting gambling winnings of $20,000 and losses up to that same amount, $20,000..and yes, I do have proof of my saved lottery tickets. Please help! Thank you.
1 ANSWER
Criminal Defense Attorney serving Toms River, NJ
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Edward J. Dimon
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I would need to know more about your overall income and taxes. The lottery winnings are taxable. As such, you must pay income taxes on the lottery winnings. You can take losses against the winnings. We have a CPA and tax attorney at our firm. I would first utilize your accountant to get an answer. As such, you would not of her additional cost for a tax attorney. However, if you wish answer of a tax attorney, we can make our tax attorney available to you. Please call to discuss.
Answered on Jan 25th, 2015 at 7:59 PM