If you have $100k of w-2's for gambling and $100k of income, that's $200k AGI when the Medicare premium amount is calculated for "high earners".
If you claim $100k in losses, your net income is $100k because you have the deduction for losses. Medicare does not recognize the losses! This really is not a fair representation of your true income, and it really punishes gamblers with w-2g's.
From: rob.singer1111@yahoo.com
Sent: Monday, February 20, 2012 12:55 PM
To: vpFREE@yahoogroups.com
Subject: Re: [vpFREE] Re: DIAD (long and probably too much info for most)
I thank you for that clear info. One last question since you've been directly affected and I haven't been involved in SS income or Medicare yet: If you get $50,000 in W2G's this year and assuming you're a net winner of $10,000, about how much does that affect your Medicare payments?
I know I'm assuming much here, but I do look at players who receive W2G's as having won something after their losses are deducted. At least that's the way it has always been for me. But if a player gets a pile of W2G's and still loses by year's end, I'm guessing that does adversely affect those Medicare premiums, which in turn makes those jackpots not worth hitting. Am I on the right track?
Sent from my Verizon Wireless 4GLTE smartphone
----- Reply message -----
From: "Jan Spornhauer" <mailto:janspornhauer%40sbcglobal.net>
To: <mailto:vpFREE%40yahoogroups.com>
Subject: [vpFREE] Re: DIAD (long and probably too much info for most)
Date: Mon, Feb 20, 2012 1:55 pm
Rob
What he is talking about is the Medicare portion of SS. Medicare premiums
are adjusted based upon ones AGI. Mine have been impacted over the past 3
years because of significant W2 G's.
J. T.
_____
From: mailto:vpFREE%40yahoogroups.com [mailto:mailto:vpFREE%40yahoogroups.com] On Behalf Of
mailto:rob.singer1111%40yahoo.com
Sent: Monday, February 20, 2012 3:33 PM
To: mailto:vpFREE%40yahoogroups.com
Subject: Re: [vpFREE] Re: DIAD (long and probably too much info for most)
How do SS payments change when you are getting W2G's? They are not figured
into the formula for determining how much a person receives for their SS
benefit unless you file as a business, ie, professional gambler. Are you
also working?
I know AGI affects people who get W2G's, but I've never heard of that making
a $4000 win translate it into costing them anything net.
____________________
From: "mailto:lfcmja%40verizon.net <mailto:lfcmja%40verizon.net> "
I recently turned 65 and saw my SS benefits drop in spite of the recent cola
increase, due to a higher AGI caused by my casino W2G's.
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