In short, if you don’t itemize your taxes and depending on the amount of W2-G you will owe taxes on your W2-G winnings both to Federal and State. Also, in states CT, IL, KS, IN, LA, MA, MI, MS, NH, NY, OH, WV, and WI, they tax you on 100% of your W2-G (up to 10%) without deduction for your losses which is very crooked since states know that no one really wins overall. If you won $100K in W2-G but lost $150K, you would still be liable for up to $10K state tax with no deduction for losses.
If you don’t normally itemize your taxes, going to the casino and winning a W2-G will be taxed by both Federal and State. The gambling odds are already horrible and you can deduce those horrible odds with implications of Federal and State taxation. Imagine a gambling addict who has won a $500K jackpot and during the course of the year lost it all back and also lost their properties with their CC maxed out and in some state you still have to pay $50K tax (10%) without deduction for losses. Some states are so crooked and take advantage of degen gamblers.
It's also important to mention that IRMAA is a factor for anyone over 63. Gambling wins reported on a W2G over $1,200 count towards the income calculation and will not be offset by losses. This extra income can push you into a higher bracket which will result in a higher Medicare cost.
So if I'm understanding it correctly, if I go once to the casino in a calendar year with $10,000 and lose $5,000 without winning a jackpot - then this cannot be deducted from taxes. However, if I take $10,000 and in total lose $5,000 but win two jackpots for $2,000 each and the casino gives me a W-2G form, I can deduct the amount I'm taxed on the W-2G forms by $4,000 since I technically lost $1,000. Essentially I won't have to pay taxes on the W-2G form winnings, but am still out $1,000?
Question. If my taxable slot winnings are $120,000 but my win/loss statement says I have a net loss of $38,000, do I still have to pay taxes on those winnings?
what if they already taxed you before you get the money, but at the end of the year you have lost more then you have won. Do you get what you already paid in taxes
So if your standard deduction is more than what I would have on itemized deductions with the slot winnings then even if I lost more than I won, I am subject to pay taxes on my winnings and cannot deduct the losses. I won 1,581.00 in a casino in Alabama and I live in Georgia. I realize I have to file Alabama State non resident taxes. I can claim those taxes paid in Alabama on my Georgia State taxes and only in essence pay one state tax. Can I take gambling losses from the lottery in Georgia against my slot winnings in Alabama?
Im so confused so lets say i win 10k on a slot machine one day. But lose the whole 10k after that and have a net loss of -45k am i still liable to pay tax on the 10k winnings?
Hey Man I wagered like 3 million this year I won 151 grand once or twice this year they took the tax out right away i need help cause I thought I won 250k and they said no it was 151 so I think they took out 100k instead of 65 k
Unless you are winning millions don't listen to this and do your own taxes so you can right off the loses. If you hit the lottery for millions ya let them take a chunk. You not going to write off 200 dollars in lottery tickets unless your like my father and save every lost ticket like he did at the horse races lol
And lose a lot. The majority of us lose more than we gain and uncle sam still comes after you for the little you gain. The question we should ask is worth it?
Very bad explanaition. You have toshut down the speed of speech and explain exact ppeople interest. Nobody need long video. The explanationmyst be for not educated people. Sorry. Not good
In short, if you don’t itemize your taxes and depending on the amount of W2-G you will owe taxes on your W2-G winnings both to Federal and State.
Also, in states CT, IL, KS, IN, LA, MA, MI, MS, NH, NY, OH, WV, and WI, they tax you on 100% of your W2-G (up to 10%) without deduction for your losses which is very crooked since states know that no one really wins overall.
If you won $100K in W2-G but lost $150K, you would still be liable for up to $10K state tax with no deduction for losses.
If you don’t normally itemize your taxes, going to the casino and winning a W2-G will be taxed by both Federal and State.
The gambling odds are already horrible and you can deduce those horrible odds with implications of Federal and State taxation.
Imagine a gambling addict who has won a $500K jackpot and during the course of the year lost it all back and also lost their properties with their CC maxed out and in some state you still have to pay $50K tax (10%) without deduction for losses. Some states are so crooked and take advantage of degen gamblers.
It's also important to mention that IRMAA is a factor for anyone over 63. Gambling wins reported on a W2G over $1,200 count towards the income calculation and will not be offset by losses. This extra income can push you into a higher bracket which will result in a higher Medicare cost.
What if i am 23 , won big once on a 10k slot. But lossed it all gambling it. Will i still be expected to pay tax on the 10k?
So if I'm understanding it correctly, if I go once to the casino in a calendar year with $10,000 and lose $5,000 without winning a jackpot - then this cannot be deducted from taxes. However, if I take $10,000 and in total lose $5,000 but win two jackpots for $2,000 each and the casino gives me a W-2G form, I can deduct the amount I'm taxed on the W-2G forms by $4,000 since I technically lost $1,000. Essentially I won't have to pay taxes on the W-2G form winnings, but am still out $1,000?
I’m really interested too 😮
Question. If my taxable slot winnings are $120,000 but my win/loss statement says I have a net loss of $38,000, do I still have to pay taxes on those winnings?
This shit should be illegal... I hate I ever got involved in gambling.... I'd rather be a shopaholic.
@@justagirl5040 You are soooo right....
what if they already taxed you before you get the money, but at the end of the year you have lost more then you have won. Do you get what you already paid in taxes
Somehow I’m even more confused after watching this
same did u figure it out if you did please explain
So if your standard deduction is more than what I would have on itemized deductions with the slot winnings then even if I lost more than I won, I am subject to pay taxes on my winnings and cannot deduct the losses. I won 1,581.00 in a casino in Alabama and I live in Georgia. I realize I have to file Alabama State non resident taxes. I can claim those taxes paid in Alabama on my Georgia State taxes and only in essence pay one state tax. Can I take gambling losses from the lottery in Georgia against my slot winnings in Alabama?
Im so confused so lets say i win 10k on a slot machine one day. But lose the whole 10k after that and have a net loss of -45k am i still liable to pay tax on the 10k winnings?
Its hard enough to beat the house u gotta lower your chances of winning by paying taxes too. Im done gambling
Say I won 17000 they took 6000. My losses are 14 k counting that 17000 that I won. What do I do
Do irs could claim your file 1040 or helps to make it
?
Question: Does a W2G count for earned income and can potentially put you over the yearly dollar amount to qualify to a IRA contribution?
is everyone able to itemize ? It sounds like only certain people can, who can and who can't itemize the losses.
So tell me something... I won $1,340,745.07 to be exact, and I loss $222,873.57. How much will I get back?
In short, you will get back taxes paid on $222,873.57 from Federal but depending on your state you might get back nothing from State.
Ooof we 3 minutes in. And I dnt think we needed any of this yet
Hey Man I wagered like 3 million this year I won 151 grand once or twice this year they took the tax out right away i need help cause I thought I won 250k and they said no it was 151 so I think they took out 100k instead of 65 k
I was informed to never let the casino take out taxes because if you lose more than you gain it will balance out
Unless you are winning millions don't listen to this and do your own taxes so you can right off the loses. If you hit the lottery for millions ya let them take a chunk. You not going to write off 200 dollars in lottery tickets unless your like my father and save every lost ticket like he did at the horse races lol
Luckily All I do is lose 😢
And lose a lot. The majority of us lose more than we gain and uncle sam still comes after you for the little you gain. The question we should ask is worth it?
Very bad explanaition. You have toshut down the speed of speech and explain exact ppeople interest. Nobody need long video. The explanationmyst be for not educated people. Sorry. Not good