Tax Question

[ceyko]

Yeah, I'm paying in 8K this year myself.

[The King]

Just did my taxes:
Two jobs (file with a 0 for exemptions)
Unemployment income (no taxes withheld)
401k income to help keep afloat (paid initial 10% on withdraw)

I add all of this in there and I owe almost $1K so I added my Mtg Tax to it thinking it would put me in the green, nope now I owe $652

Seems like the man just wont let me back on my feet this year

I assume the 401K income was a under age 55 withdrawal? If so that and no taxes being withheld on unemployment income are the killers.

[Gtracer]

As I understand it, mainly from a buddy of mine who has a habit of doing well at the horse track - generally speaking there is way more weight put in on what you won but not so much on what you lost.

I do not remember the details, but when he was explaining it to me it seemed very unfair once you start getting in the winnings from gambling.

Just did my taxes:
Two jobs (file with a 0 for exemptions)
Unemployment income (no taxes withheld)
401k income to help keep afloat (paid initial 10% on withdraw)

I add all of this in there and I owe almost $1K so I added my Mtg Tax to it thinking it would put me in the green, nope now I owe $652

Seems like the man just wont let me back on my feet this year

[Denny]

Sounds to me like you need to write off the cost to get to the casino, food to eat while there and shit like that. If this is online poker then start writing off the cost of your internet connection and any computer shit you bought. Write it all off, let them come back and say you can't do 100%.

Right. Like writing off my wife's SUV, gas and mileage for carrying out her "home maker" business and my son's laptop as an education expense.

[Broncojohnny]

Sounds to me like you need to write off the cost to get to the casino, food to eat while there and shit like that. If this is online poker then start writing off the cost of your internet connection and any computer shit you bought. Write it all off, let them come back and say you can't do 100%.

[Skidmark]

Who gave a w2 for gambling winnings?

You'll typically get a W2 for any single hit over $1199

As I understand it, mainly from a buddy of mine who has a habit of doing well at the horse track - generally speaking there is way more weight put in on what you won but not so much on what you lost.

I do not remember the details, but when he was explaining it to me it seemed very unfair once you start getting in the winnings from gambling.

Tell me about it, that's why i'm confused. It still seems i'm being taxed on it

[ceyko]

As I understand it, mainly from a buddy of mine who has a habit of doing well at the horse track - generally speaking there is way more weight put in on what you won but not so much on what you lost.

I do not remember the details, but when he was explaining it to me it seemed very unfair once you start getting in the winnings from gambling.

[SMKR]

Who gave a w2 for gambling winnings?

[Skidmark]

So I was tinkering with my taxes and I have a few W2s from gambling.

I'll use made up numbers to make it easier.

Before entering the gambling W2s I was to get back $1000.
I then entered the gambling W2s and I was to owe $1000.
I then entered by losses to match the gambling winnings and now it says I owe $500.

I would have thought that reporting the loss would null and void the winnings? Anyone have experience with this?