W2G - Gambling Winnings - TurboTax
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- Опубліковано 10 бер 2023
- In this video I go through how to report Gambling winning from a IRS Form W-2G on TurboTax. This specific video is from 2021 tax year however the software and rules I speak of here still apply.
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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).
#TurboTax #W-2G #GamblingWinnings
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Yo quick question when u filed the losses are you using TurboTax basic? I’m trying to file losses but I can’t with the actual online TurboTax for some reason.
Same, it’s not actually calculated my losses
So can I put that I lost the amount of the jackpot I won????
Friend....I have been gambling for years and never submitted to the IRS about my losses. Yes I won jackpots, did I keep track of winnings and losses? No. I didn't know I even had to! I know NO ONE who does this or has ever done this. My mom worked for H&R Block years ago and she is a gambler we went together all the time! I am really confused about all this.
Yeah. I never was a gambler. But one year, the only year, in 2022. I spent the whole year gambling. And to my surprise, I was winning a lot!! Sadly I had to learn the hard way. Even though I've heard it happening to others. I thought it wouldn't happen to me. But I blew it all back. My life is a trip but that's another story... Initially, I plan to take gambling seriously to pay for some medical bills. I Got it. But Then started believing this is easy. Wasnt satisfy with what I initially wanted. Greediness on my part. Before I know it, It's all gone! And even more so back. I learn from this and will never repeat this! ...so yes now want to file my tax to offset my losses and have a better new start for 2023. Have not gone back to the casino in 2023, but only to pick up W2G. I'm certain there is a process to itemize and deduct your loss. I just need to be certain where to put it in the right place. Every state is different. I live in California and California allows itemize deduction losses for gambling up to the amount won. California has an automatic extension for filing up to Oct. 2023 so got extra time. Because of the nature of gambling, the house wins in the long run. In my case, I was at the casino for many months every day, because I have everyday hotel comps, and if not every day, at least 4 times a week. Tax filers suppose to report the W2G won because IRS has this copy in this record associated with the information submitted with the SSN. But I also believe it's also on an honor system that you report all your losses back - as long as you mention about this income and can itemize it as losses. Most tax CPAs know this and should be fine as it is universally known the house will get it all back with frequent visits. Very Poor choice on my part. I'm sure your gambling management was better than mine friend.
I have subscribed to your channel awhile back and have not seen any new content. I do however have a few questions regarding filing taxes. I have NO OTHER INCOME for 2022. However only gambling income for 2022 (multiple W2G jackpots as income) total $32k won but blew it all back by the end of the year. First time trying to file my own tax on freetaxusa as I'm thinking it would be easy??? Straight forward? filing single and have now dependent.
Questions: 1 when filling in the tax form W2G info (other income) do I put the original address of the W2G receipt info when I won or my current different address today? - so it'll match up with what IRS has on file or it does matter?
Question:2 because I have multiple W2G winnings for 2022 "do I fill in separate W2G info on separate places? And if so, in schedule A section "do I have equal amount itemized deduction losses total"
I basically loss all what I won for my 2022. ( even more so but I'm just going to claim loss up to the amount I won )
Do u have any advice
Hello - I won in a state that I don't live in. Line 13 on my form W-2G doesn't indicate the state, it just has numbers (which I googled and it didn't turn up anything). Will this be the state the casino is located in or my home state? I had state taxes taken out at the time of winning. I assume these would be for the state the casino is located in? Would I still have to pay my home state taxes on top of it? Thanks in advance.
If you have multiple W2G for gambling winning, do I enter them individually? Or can I add them all up? Say you have 10 winning which is about $1200 each. Can I just add all 10 of them to sum up at 1$12,000 instead of individually entering each W2G?
Tax laws are so skewed that you can win a $1,200 jackpot which can put you in the next tax bracket and end up owing ~$32K more taxes than without the $1,200 jackpot.
If anyone is near the higher limit of their tax bracket then they should not play slots. I got put into the next tax bracket but only a 2% increase resulting in ~$4K more tax than without my jackpot.
When filling out a W2G form at the caino after a big win, Can I choose to get the taxes taken out of my winnings at the caino so that when I get to do my tax returns, I would get money back because I already paied my taxes at the casino.
Yes you can ask to get the taxes taken out but let the employee know before they come back with your winnings. I made a mistake once of not asking and now I do all the time.
If you won how will you know when if
There isnt a locality on my w2-g( box 18) or a state( box 13, my state also is not in the drop down). Turbo tax wont let me proceed. Help?
Hey! I went over your comment in my most recent livestream! Hope this helps! If you have any other questions I go live every Monday at 4P.M. PST. Be sure to stop by and ask your TurboTax Question. The link is time stamped to when I answered your question. ua-cam.com/users/liveeLhffV-zc9s?si=kRkZFjA8UKsyrbTQ&t=2907
Hi, I have Turbo tax deluxe which does not allow me enter loss amount. Can you help? thanks
Hmm not quite sure. Might need to upgrade turbotax to get the deduction.
What about Yahoo Fantasy Football?