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Originally Posted by golfer
I am anything but an accountant, but from my own experience, if you collect enough losses (ie losing tickets), and itemize your deductions (that's the key), you can offset the winnings with losses, and get it back in a refund. I'm sure others on this board know more about this than I do.
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I think I am okay because they took taxes at a very high percentage. It's when you have signers that didn't have taxes taken out that require losers to offset the winnings so you don't have to pay taxes. This just becomes part of my income and the taxes get added to the taxes I pay for my day job. My bonuses at work are taxed at 27%, when I get a nice bonus, it is automatic refund time the next year. I should get a hefty refund next year. I'm not really happy that they are holding my money. I'd rather use it and pay them next April.
If I can produce that much in losing tickets, that will mean I have gone on tilt for the next 8 months....yikes.