Changes to Taxes on Lottery Winnings

If you've ever won a prize between $600 and $5,000, you already know that you may pay 4% state tax on the prize when you file your tax return. 

Every year our claims office sends out W2-G forms to lottery winners for cash reporting purposes.

Starting March 23, 2022, that process is going to look a little different.

The legislature made a change in House Bill 29 to withhold state taxes at the time a lottery prize of $600 and over is claimed instead of just issuing a W2-G at the end of the year for tax filing purposes. 

This means that when you claim your prize of $600 to $5,000 through our mobile cashing app, at a Super Retailer, or in one of our Ohio Lottery offices, the prize you receive will have the 4% state tax already taken out.

Winners will still receive a W2-G form at the end of the year for tax filing.

Consult with your tax advisor for more information when filing your tax return.

Learn more about claiming by clicking here.
 
Posted: 3/23/2022 10:25:08 AM