Howdy
When you hit a taxable jackpot over 1200 dollars do you wait till tax time
to extract the money from your bankroll if you had a winning year to satisfy
Uncle Sam...or is there other alternatives ?
Grumpy
**************Start the year off right. Easy ways to stay in shape.
http://body.aol.com/fitness/winter-exercise?NCID=aolcmp00300000002489
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BANDSTAND54 wrote:
When you hit a taxable jackpot over 1200 dollars do you wait till tax
time to extract the money from your bankroll if you had a winning
year to satisfy Uncle Sam...or is there other alternatives ?
If you expect that a reported win will translate to added tax
liability when you file, then certainly any related tax shouldn't be
considered available for gambling (i.e., it's prudent to immediately
remove the anticipated tax from your "bankroll")
Of course, whether a reported jackpot needs to result in additional
taxes depends upon the players circumstances. The recently discussed
Jean Scott/Marissa Chien book, "Tax Help for Gamblers" is the best
available resource from which to gain a better understanding of this
topic.
FWIW, a win on which the casino files a W-2G is probably better
referred to as a "reported jackpot" rather than a "taxable jackpot".
ALL wins, even a 5 credit win, is potentially taxable.
- Harry
First of all all net winnings are taxeable whether or not they are $1200 or more. If you are havign a good year and don't want to wait until next April to pay the tax bill (if you are th etype that might spend the money on something else) you can file estimated taxes quarterly or increase your witholding on your job. You can deduct losses if you itemize to the extent of your winnings.
BANDSTAND54@AOL.COM wrote: Howdy
When you hit a taxable jackpot over 1200 dollars do you wait till tax time
to extract the money from your bankroll if you had a winning year to satisfy
Uncle Sam...or is there other alternatives ?
Grumpy
**************Start the year off right. Easy ways to stay in shape.
http://body.aol.com/fitness/winter-exercise?NCID=aolcmp00300000002489
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