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Indiana Lottery Winnings Deduction

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Question
Indiana Lottery Winnings Deduction

Answer

Some winnings issued by the Hoosier Lottery Commission may be taxed by Indiana.

If you win any prize money from the Indiana Hoosier Lottery Commission, by winning:

  • An instant game; or 
  • An on-line game such as Hoosier Lotto, Powerball, Mega-Millions, etc., you may be eligible for a deduction.

You'll need to complete a worksheet to figure your deduction. Find the worksheet, and additional information, in the IT-40 instruction booklet or the IT-40PNR instruction booklet.

Important: Winnings from other state lotteries, Indiana pari-mutuel horse races or out-of-state tracks, Indiana or out-of-state riverboats, and other gambling winnings, are fully taxable in Indiana and should not be deducted from your taxable income.


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Article Details
Views: 861 Created on: Jun 15, 2013
Date updated: Aug 20, 2015
Posted in: STATES, Indiana

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