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Gambling winnings are reported on the "Other Income" line of the 1040 tax form.

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AnswerBot

5mo ago

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What form to pay taxes on gambling winnings?

A casual gambler would report the winnings on line 21 other income of the 1040 tax form. A self employed business gambler would use the schedule C of the 1040 income tax form along with the other necessary forms.


Do players pay tax on winnings at High Stakes Poker?

Yes all gambling winnings are reported on the 1040 tax form and added to all other gross worldwide income and taxed at your marginal tax rate.


How do I report sports gambling winnings for tax purposes?

To report sports gambling winnings for tax purposes, you must include them as income on your tax return. You should receive a Form W-2G from the gambling establishment if your winnings exceed a certain threshold. Keep accurate records of your winnings and losses to accurately report them on your tax return.


What line do you enter your gambling losses on using 1040 tax form?

For the 2012 tax year, gambling losses are reported on Schedule A Line 28.


How much is taken in taxes from gambling?

Taxes from winning = same rate as normal income tax for that amount.Any winnings received from any sort of bet where the winnings equal less then $10,000 there will be no taxing on. Any money above $10,000 dollars the amount of taxes comes out to approximately one third of what you won. The submittal above trying to say any type or amount of gambling winnings is not taxed, or taxed differently than any other earning, is entirely incorrect, and should be ignored. A brief on tax rules is below as is a link to more information. Gambling winnings are fully taxable and must be reported on your tax return. You must file Form 1040 (PDF) and include all of your winnings. 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) 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 irrespective as to whether any portion thereof is 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. Claim your gambling losses as a miscellaneous deduction on Form 1040, Schedule A (PDF). However, the amount of losses you deduct may not be more than the amount of gambling income you have reported on your return. 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.


How much in taxes do you pay on 2400 gambling winnings?

There is not certain tax rate on gambling winnings so it will depend on what your taxable income is to determine the tax on winnings. It is ordinary income just like your employment income.


What is the federal tax ID number for the NY State Lottery gambling winnings on form W-2G?

14-1588338


How do you get another copy of your w-2g for gambling winnings?

From the Casino. Most likely they will send you a 1099 tax form reporting the amount of your winnings from the casino. They will also send a copy of this form to the IRS when they send it to you. They are not required to send you anything that shows the amount of your losses from the casino. This is entirely in your hands. You are not allowed to take a deduction for losses over your winnings but are allowed to offset winnings up to that amount.


Can you use lottery and instant scratch tickets in Connecticut as tax write-offs?

First off...it's federal income tax you would be most concerned with...and states generally just follow anyway. Presuming your not a professional gambler (and obviously...it would be hard to show you are playing lottery), proven gambling losses are only usable as an offset against your reported gambling winnings.


How do you fill out 1040 ez tax form?

You folow the instructions for the 1040-EZ tax form.


Where to find an income tax form 1040 online?

There are many place you can get your 1040 tax form, To get your tax form in person you can get at your local library or post office. To find your 1040 tax form online you can find at irs.gov


Where can I find a 1040 form tax calculator for 2011?

You can find the 1040 form tax calculator for 2011 on certain websites. It can be found on www.efile.com/tax-calculator/tax-estimator/ and www.bankrate.com/calculators/tax.../1040-form-tax-calculator.aspx.