Jeep,
Your gambling income does not affect your Social Security benefits. Your W2Gs may raise the premium you pay for Medicare Part B and Part D. I will post the premiums and income thresholds later.
Chris
--- In vpFREE@yahoogroups.com, "whitejeeps" <whitejeeps@...> wrote:
>
> Just went on social security. There were years in past I had close to 100K in signers. I could offset gambling on return then. I am wondering how the term "above line deductions" work, relative to gambling. Gambling loss is entered later on down return. (below the line) Jean Scott has a book on taxes, I will look for that book. My accountant explained how it works. For my piece of mind, I need to understand better.
>
> Agressive players on or near social security should be aware SS check can be lowered when earned income, rent, dividends, interst, sale of property etc. is over a certan amount. That's the way I understand it.
>
> I spent eight months in hospital in 2012. Upon getting loose I signed up. Not wanting to lose checks because of poor health, I signed for social security fast. At least I'll get some checks. I never researched the tax issue. Now I find out it's a complicated thing. Wrong move can cost $$. Bright side, I have way less W2Gs in 2012 (almost none). I'm getting stronger every day. I play vp on extra point days. Vp is rehab for me. I tell doctor that. He doesn't seem to understand.
>
> Happy new year to all.....Jeep
>
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