A former IRS person posted on this forum why it happened. I used TurboTax which checks for errors. I mailed them a 25 dollar check. It was not the money that bothered me. I go thru 25 dollars in the blink of an eye at the casino. IT WAS THE PRINCIPLE.
Thanks
Ralph Gary
-----Original Message-----
From: kcace1024 <cy4873@hotmail.com>
To: vpFREE@yahoogroups.com
Sent: Sat, Apr 23, 2011 12:49 am
Subject: [vpFREE] [acvpp] Re: REPORTING GAMING ON INCOME TAX
Ralph,
Your $2000 W-2G should reduce your refund by $500 or $300 not $25 if you are in the 25% or 15% bracket. If you itemize and you lost money on VP your refund should not change. The only way your refund should be $25 less is if your itemized deductions before gambling losses were just about $1900 less than the standard deduction threshold. That seems unlikely, so perhaps you made a mistake on your amended return.
It is nice to see you and other gamblers paying income tax on a hobby that is costing you money. You should become a hedge fund manager like Mr Paulson who made several billion on the housing collapse and several billion again on gold without paying any taxes.
"Taxes are for the little people" Leona Helmsley
Good Luck,
Chris
--- In vpFREE@yahoogroups.com, BANDSTAND54@... wrote:
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> I filed an amended today, both Fed and State. I included a check even though I am getting a refund. My winnings is zero. however my refund was reduced by 25 dollars which I should get shortly. Thank goodness i only had one form from the casino. What a pain in the ass.
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> Ralph Gary
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> -----Original Message-----
> From: fatfish643 <fatfish643@...>
> To: acvpp@yahoogroups.com
> Sent: Wed, Apr 20, 2011 6:22 am
> Subject: [acvpp] Re: REPORTING GAMING ON INCOME TAX
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> Hey GRUMP do you feel lucky. fugget it. Really ;the computers do the review, any W-2 not shown will eventually be caught. Plus send an amended form immediately, because it may take YEARS before they catch the mistake. Then you'll owe PENTALTIES & INTEREST. Definitely not cheap. Ask my wife.
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> --- In acvpp@yahoogroups.com, BANDSTAND54@ wrote:
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> > Greetings
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> > I recently did my taxes on TurboTax. i used the premier version which is quite inclusive. I do not remember being prompted for my gambling W/L totals.although I had a loosing year by a wide margin Do you think they will audit me anyhow? . I did have one 2000 dollar hit.
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