Get IL IL-5754 2021-2024

You must report your winnings and losses separately. Gambling losses would normally be deductible the same way on the California return. An exception would be if your winnings were from California Lottery tickets, the income from which is not taxable on the California return.

You may deduct gambling losses only if you itemize your deductions on Schedule A (Form 1040) and kept a record of your winnings and losses. The amount of losses you deduct can't be more than the amount of gambling income you reported on your return.

Purpose of form. You must complete Form 5754 if you receive gambling winnings either for someone else or as a member of a group of two or more people sharing the winnings, such as by sharing the same winning ticket.

Illinois does not allow a deduction for gambling losses. your federal itemized deductions from U.S. 1040 Schedule A, Itemized Deductions.

Illinois withholding information and tax tables effective January 1, 2024, are presented in this publication. The State of Illinois individual income tax rate remains at 4.95%, but the state income tax exemption has increased from $2,425 to $2,775 for the 2024 tax year.

Illinois earned income tax credit (EITC) The Illinois earned income tax credit mirrors the federal earned income tax credit for low- and moderate-income taxpayers. Because it's a refundable tax credit, the Illinois EITC can reduce your taxes owed on a dollar-for-dollar basis, and it can even result in a refund.

In Illinois, lottery winnings are subject to a tax rate of 4.95%. Whether it's a significant jackpot or a smaller prize, individuals who win the lottery in Illinois need to account for the state tax.

Taxpayers who win a certain amount when gambling at a will be provided with a win/loss statement, known as IRS Form W-2G, Certain Gambling Winnings, which can be used to report their gambling wins and losses on their tax returns.