--- In vpFREE@yahoogroups.com, "Lisa" <viajo1964@...> wrote:
>
> Just curious as to how that adds up to a DIFFERENT number than totaling the
> year and then adding or subtracting? I am not doubting you at all just
> saying that the IRS seems to want MORE paperwork rather than less? Idiotic…
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
The IRS doesn't necessarily want more paperwork - they just want more tax money!
As an educational exercise (assuming you're not already dealing with large W2-G amounts), take your most recent 1040 form, add say $200,000 to the line for gambling winnings on the front page of the form, and deduct the same $200,000 as an itemized deduction. Recalculate you tax liability. Pay careful attention to the various line items that are affected, limited, or deleted entirely by your suddenly much higher "income". You'll see why netting out is not allowed.
EE
