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September 28, 2022
Question

gambling income

  • September 28, 2022
  • 1 reply
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i have won and lost approx. $25,000 while gambling online plus i will have around $12,000 self employment income this year and almost all of this income was paid through paypal.  should i be expecting a tax form from the gambling sites, because the most i won was $1,000 on a single spin?  i am afraid of what kind of tax consequences i will have. i have not been keeping good records.  can anyone tell me approximately how much i am going to owe?

    1 reply

    Employee
    September 28, 2022

    Gambling

    To enter the W-2G  or other documents For your Gambling winnings--Go to Federal>Wages & Income>Less Common Income>Gambling Winnings

    You can enter your winnings, and then keep clicking through the interview to enter gambling losses.

     

    https://www.irs.gov/help/ita/how-do-i-claim-my-gambling-winnings-and-or-losses

     

    Gambling winnings are taxable income.  Losses are an itemized deduction.  If you do not have enough itemized deductions to exceed your standard deduction, your losses will have no effect.

    https://blog.turbotax.intuit.com/income-and-investments/how-are-gambling-winnings-taxed-8891/

     

    https://ttlc.intuit.com/questions/1900352-can-i-deduct-my-gambling-losses

     

     

    2022 STANDARD DEDUCTION AMOUNTS

     

    SINGLE $12,950  (65 or older + $1750)

     

    MARRIED FILING SEPARATELY $12,950  (65 or older + $1750)

     

    MARRIED FILING JOINTLY $25,900  (65 or older + $1400 per spouse)

     

    HEAD OF HOUSEHOLD  $19,400  (65 or older +$1750)

     

    Legally Blind + $1750

     

     

    SELF EMPLOYMENT INCOME/“side jobs”

     

    https://ttlc.intuit.com/questions/2926899-how-does-my-side-job-affect-my-taxes

     

    https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/26653

     

    https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922

     

    https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax

    https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c

     

     

    https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct

     

     

    https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs

     

     

     

    No we cannot tell you how much you will owe.   You have not included any information regarding your filing status or whether you have any dependents, etc.  

     

    Try the TaxCaster tool to get an idea:

    And.....going forward.....keep detailed records of your gambling activities and of your self-employment income throughout the year.

     

    **Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**