Tax Day is right around the corner. Do you need information on your lottery winnings and losses to complete your taxes?
Lucky for you, Jackpocket keeps a digital record of every ticket you play (win or lose) right in the app. And great records can pay off at tax time.
Keeping track of lottery winnings and losses
Check out the full rules for how to report gambling winnings and losses on the IRS website here. The short version is:
- Lottery winnings are fully taxable. In fact, all gambling winnings are reported as “Other Income” on your tax form.
- It’s possible to deduct some of your lottery losses. For folks who itemize their deductions, it’s possible to deduct your gambling losses from the year up to (but not over) the amount you won.
- Keeping good records is essential (and could save you money). The IRS requires you to keep an accurate diary or similar record of your losses and winnings. (Note: You should also be able to provide supplemental records, like payment slips and winning statements, to back up the amounts you report on your taxes.)
A lottery diary? You read that right.
The problem is most people do not save their lottery tickets. Or keep meticulous lottery diaries of all their plays!
The good news is Jackpocket already does that for you. You can see all your ticket orders anytime in the Orders section of the app. Just tap Orders at the bottom of the home screen to view past orders and ticket scans. You can even filter by winning tickets only. 👌
To make things even easier, we also offer a Wins & Losses Report to help out players who need this information for their taxes. Just email us at email@example.com to get your copy.
Keep in mind… As the IRS states, “These record-keeping suggestions are intended as general guidelines to help you establish your winnings and losses. They aren’t all-inclusive.” For more information, check out “How Do I Claim My Gambling Wins and/or Losses?” on the IRS website.