W2g 2014

aclv1 · Dec 5, 2014

got ab0ut 7k worth in 2014 on slots.....how do i avoid paying this shit?

i never use my card in the casino so i dont have a win/loss statement

do i just go to the track and collect losing tix? ..... then what? give all that shit to my accountant?

any advice greatly appreciated.

also i work under the table....so no pay stubs for me.

EverFresh · Dec 5, 2014

aclv1 said:
also i work under the table....so no pay stubs for me.

What do you do, exactly?

aclv1 · Dec 5, 2014

I work at a mom and pop pizza joint

slapshot · Dec 5, 2014

Well seems kinda hard with no income to have enough losses to cover winnings

Betallsports · Dec 5, 2014

Losing Horse racing tickets, Lottery ... scratch offs

and start using your Players card if you go back in 2014

and I wouldn't try to show $7K in loses, even if you show Half it helps

niltes · Dec 5, 2014

you'll need to itemize deductions rather than taking the standard deduction
to write any of your winnings off. you will also need to document any losses.

slapshot · Dec 5, 2014

not a tax expert but 7k and no job shouldn't you get a refund :think2:

jensinc · Dec 5, 2014

Topic 419 - Gambling Income and Losses
The following rules apply to casual gamblers. Gambling winnings are fully taxable and must be reported on your tax return. Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse races, and casinos. It includes cash winnings and also the fair market value of prizes such as cars and trips. For additional information, refer to Publication 525, Taxable and Nontaxable Income.

A payer is required to issue you a Form W-2G (PDF), Certain Gambling Winnings, if you receive certain gambling winnings or if you have any gambling winnings subject to federal income tax withholding. All gambling winnings must be reported on your Form 1040 (PDF) as "Other Income" (line 21), including winnings that are not subject to withholding. In addition, you may be required to pay an estimated tax on your gambling winnings. For information on withholding on gambling winnings, refer to Publication 505, Tax Withholding and Estimated Tax.

You may deduct gambling losses only if you itemize deductions. However, the amount of losses you deduct may not be more than the amount of gambling income reported on your return. Claim your gambling losses on Form 1040, Schedule A (PDF) as an "Other Miscellaneous Deductions" (line 28) that is not subject to the 2% limit. A nonresident alien of the United States cannot deduct gambling losses on Schedule A of Form 1040NR (PDF).

It is important to keep an accurate diary or similar record of your gambling winnings and losses. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses. Refer to Publication 529,Miscellaneous Deductions, for more information.

If you are considered a nonresident alien of the United States for income tax purposes and you have to file a tax return, you must use Form 1040NR. Refer to Publication 519, U.S. Tax Guide for Aliens, and Publication 901, U.S. Tax Treaties, for more information.

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Jstack34 · Dec 6, 2014

No refund because he has no withholding - unless he had withholding. But if you have no other reportable income - the standard deduction and personal exemption is more than your gambling winnings so you won't have to pay anything

aclv1 · Dec 6, 2014

Jstack34 said:
No refund because he has no withholding - unless he had withholding. But if you have no other reportable income - the standard deduction and personal exemption is more than your gambling winnings so you won't have to pay anything

cool.

W2g 2014

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