PM 07-04-21 Substantial Lottery or Gambling Winnings

See this TurboTax support FAQ for documents needed to submit a claim. See this TurboTax support FAQ for submitting a claim. See this TurboTax support FAQ for the 100% Accurate Calculation Guarantee. The Guarantee does not cover any user entry errors or omissions. TurboTax will pay any penalties and/or interest due to a calculation error but not any taxes owed. If you believe the program completed the return incorrectly then put in an accuracy guarantee claim :Īny calculation errors on the part of TurboTax are covered under the Accurate Calculation Guarantee. They are penalizing their own residents by double taxing them to make up for the taxes they are not collecting from nonresidents of IL coming to IL and winning money in their casinos! I think it is time for IL to make a change and tax those nonresidents on their winnings they have in IL like EVERY OTHER state does instead of double taxing the heck out of their own residents! You will pay the state taxes to the state you won the money AND you WILL pay IL state taxes on that same money. This means if you are an IL resident and you win money in another state, you WILL be DOUBLE taxed on that money. BUT we all know, OTHER states do not follow the same ruling as IL and THEY DO tax IL residents on winnings in their state. Their stance is that IL does not tax nonresidents for gambling winnings they win in IL and IF other state followed this same rule, they would not tax IL residence. IL is the ONLY state that DOES NOT allow you a credit for taxes paid to another state on gambling winnings. Be sure to include any losses on your tax return, as they can be used as an itemized deduction (if you itemize) to offset some of your winnings. Later, when you enter state information from the W-2G (or winnings, if no W-2G was received), it will generate a non-resident state return, if one is required.ĭeduction of gaming losses. In the Personal Info section of Turbo Tax, you will indicate you made money in a state other than your resident state. Boxes 13-18 on your W-2G will indicate which state (and city) the winnings were reported to.

You meet their minimum requirement for filing.

The state in which the money was won, so they will be expecting you to If you received a W-2G for your winnings, a copy was also sent to In addition, your resident state will require you to report the winnings, but will offer a credit or deduction for the taxes already paid to a non-resident state. Most states tax all income earned in their state, regardless of your residency. Without knowing the states involved, the general rule is that some states will require you to claim the gambling winnings in the state where they were won.

Does mississippi tax gambling winnings