Tax Question

[Skidmark]

So I was tinkering with my taxes and I have a few W2s from gambling.

I'll use made up numbers to make it easier.

Before entering the gambling W2s I was to get back $1000.
I then entered the gambling W2s and I was to owe $1000.
I then entered by losses to match the gambling winnings and now it says I owe $500.

I would have thought that reporting the loss would null and void the winnings? Anyone have experience with this?

[SMKR]

Who gave a w2 for gambling winnings?

[ceyko]

As I understand it, mainly from a buddy of mine who has a habit of doing well at the horse track - generally speaking there is way more weight put in on what you won but not so much on what you lost.

I do not remember the details, but when he was explaining it to me it seemed very unfair once you start getting in the winnings from gambling.

[Skidmark]

Who gave a w2 for gambling winnings?

You'll typically get a W2 for any single hit over $1199

As I understand it, mainly from a buddy of mine who has a habit of doing well at the horse track - generally speaking there is way more weight put in on what you won but not so much on what you lost.

I do not remember the details, but when he was explaining it to me it seemed very unfair once you start getting in the winnings from gambling.

Tell me about it, that's why i'm confused. It still seems i'm being taxed on it

[Broncojohnny]

Sounds to me like you need to write off the cost to get to the casino, food to eat while there and shit like that. If this is online poker then start writing off the cost of your internet connection and any computer shit you bought. Write it all off, let them come back and say you can't do 100%.

[Denny]

Sounds to me like you need to write off the cost to get to the casino, food to eat while there and shit like that. If this is online poker then start writing off the cost of your internet connection and any computer shit you bought. Write it all off, let them come back and say you can't do 100%.

Right. Like writing off my wife's SUV, gas and mileage for carrying out her "home maker" business and my son's laptop as an education expense.

[Gtracer]

As I understand it, mainly from a buddy of mine who has a habit of doing well at the horse track - generally speaking there is way more weight put in on what you won but not so much on what you lost.

I do not remember the details, but when he was explaining it to me it seemed very unfair once you start getting in the winnings from gambling.

Just did my taxes:
Two jobs (file with a 0 for exemptions)
Unemployment income (no taxes withheld)
401k income to help keep afloat (paid initial 10% on withdraw)

I add all of this in there and I owe almost $1K so I added my Mtg Tax to it thinking it would put me in the green, nope now I owe $652

Seems like the man just wont let me back on my feet this year

[The King]

Just did my taxes:
Two jobs (file with a 0 for exemptions)
Unemployment income (no taxes withheld)
401k income to help keep afloat (paid initial 10% on withdraw)

I add all of this in there and I owe almost $1K so I added my Mtg Tax to it thinking it would put me in the green, nope now I owe $652

Seems like the man just wont let me back on my feet this year

I assume the 401K income was a under age 55 withdrawal? If so that and no taxes being withheld on unemployment income are the killers.

[ceyko]

Yeah, I'm paying in 8K this year myself.

[Broncojohnny]

Right. Like writing off my wife's SUV, gas and mileage for carrying out her "home maker" business and my son's laptop as an education expense.

I hear the R&D costs on that whole sandwich project are running into the six figure range, might need to call in a consultant to reduce the backlog, that could get expensive!

[Roscoe]

Yeah, I'm paying in 8K this year myself.

Dr. Dave pays that in taxes every day.

[mstng86]

The max I have ever paid in taxes was $800, gheez I would be pissed paying back 8k.

Ceyko, you should have worked out the womenz body and had 2 kids in one year. Problem solved.

[slow99]

Str8t ballaz

[Slowhand]

So I was tinkering with my taxes and I have a few W2s from gambling.

I'll use made up numbers to make it easier.

Before entering the gambling W2s I was to get back $1000.
I then entered the gambling W2s and I was to owe $1000.
I then entered by losses to match the gambling winnings and now it says I owe $500.

I would have thought that reporting the loss would null and void the winnings? Anyone have experience with this?

You can only deduct gambling loses to the extent of your winnings; if you had enough losses to offset all of your winnings, you still only get a deduction equal to the amount of winnings you had.

[ceyko]

Dr. Dave pays that in taxes every day.

heh, I think his taxes are a lot worst than mine just for tax bracket purposes. Although, one year I paid in over 20K and only anticipated around 10K - that hurt. I was working overseas making a ton of cash though.

The max I have ever paid in taxes was $800, gheez I would be pissed paying back 8k.

Ceyko, you should have worked out the womenz body and had 2 kids in one year. Problem solved.

heh, I did have twins a couple years ago. We just miscalculated a few things and anticipated/saved for a good bit of it.