I won about $4200.I had the taxes from the winnings deducted.I have my loss statement of about the same amount,will i get a refund on what I already paid?

Forum|Forum|7 years ago
June 1, 2019
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Best answer by Celery63

That depends. Gambling losses do not directly offset gambling winnings. Gambling losses are deductible as an itemized deduction on Schedule A. But, until all of your itemized deductions add up to be more than your standard deduction, you
get no tax benefit from them.

C

Celery63Answer

That depends. Gambling losses do not directly offset gambling winnings. Gambling losses are deductible as an itemized deduction on Schedule A. But, until all of your itemized deductions add up to be more than your standard deduction, you
get no tax benefit from them.

Hal_Al

Employee

You're looking for a simple answer. The simple answer is:
-Yes, if you already itemize deductions
-No, if you currently use the standard deduction.

But, there are no simple answers in taxes. The answer is always: it depends.
In your case it depends on:
-If you normally itemized deductions (long form 1040 and schedule A ), you will get that refunded
-If you normally take the standard deduction, you will not get all the withholding back.
-The part of your $4200 in losses that gets your itemized deductions to $6300 ($12,600 married) will not reduce the taxable part of the winnings, so you may get some back
-Whether you get a refund on what you already paid also assume your withholding was sufficient on your other income