Re: [vpFREE] Scot Krause's LVA Players Club Bonus Points Update - 6 FEB 2014

 
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Re: [vpFREE] Advanced Tax question: Not the basics

 




---In vpFREE@yahoogroups.com, <007@...> wrote:

Another issue, which I recently learned about the hard way, is that
high enough itemized deductions will trigger an alternative minimum
tax, although, for all I know, it may not apply to gambling losses.

I normally deduct several million in gambling losses, and so far have never had to pay an AMT, so either it doesn't apply to gambling losses or the trigger point is high enough that anyone it would apply to probably wouldn't be looking towards this group for tax advice.

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[vpFREE] RE: Advanced Tax question: Not the basics

 

Others suggest complications that I don't see as applicable in the simple case you outline ($10k W-2G, $10k deduction).


If Turbo Tax computes a tax liability, then I suggest some basic detective work. 


-> What is your gross income, per turbotax

-- What is your net taxable income, per turbotax,

--> How much tax liabilitiy has been assessed.


Answering these questions will go a long way to understanding the tax calculation in Turbo Tax.

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[vpFREE] RE: Tax question(s)

 

This point is an important one that I wasn't aware of in time.   I too had huge W2Gs for a few years, and it cost me a fortune in taxes, by pushing my AGI into the stratosphere, even when I had a losing total for the year.


Since we file jointly, this has impacted my husband's Medicare.  We keep getting different information, saying that it is based on the previous 2 years' average, and that it is reevaluated yearly and that there is no reversal that can happen in our favor.  His costs will never be reduced, but could be increased.  So for anyone (or with a spouse) nearing retirement age, it should be on the radar screen.


I have been talking with my CPA about using the session method....she is in favor, but I am concerned that changing after all these years could trigger an audit. 



---In vpFREE@yahoogroups.com, <misscraps@...> wrote:
As anyone with a lot of w2g forms will soon find out, there are other tax problems that can arise. The "wins" push up your Adjusted Gross Income. This can affect the amount of medical costs you can deduct, the amount u pay for Medicare if a senior, and so on. Even if u actually are a loser overall, the AGI going up can cost u money, sometimes quite a bit.

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Re: [vpFREE] Re: Gold Coast Buffet

 

Thank You. I see I'm not alone. Thank you for your input.

CF


-----Original Message-----
From: S Merrian <sauronsboy@gmail.com>
To: vpFREE <vpFREE@yahoogroups.com>
Sent: Sat, Feb 8, 2014 10:16 am
Subject: [vpFREE] Re: Gold Coast Buffet



Not just a cheapskate, but a person that's a pig about being a cheapskate. Complaining that your deli sandwich costs $15 when there's too little meat on it and that the coffee is a rip off at $2.95 and then stealing all the sweet and lows and taking the salt and pepper shakers in your purse. That's a schnorrer; a pig of a cheapskate.
Stu





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[vpFREE] Re: Gold Coast Buffet

 

Not just a cheapskate, but a person that's a pig about being a cheapskate. Complaining that your deli sandwich costs $15 when there's too little meat on it and that the coffee is a rip off at $2.95 and then stealing all the sweet and lows and taking the salt and pepper shakers in your purse. That's a schnorrer; a pig of a cheapskate.
Stu

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[vpFREE] Re: Advanced Tax question: Not the basics

 

"If an individual with NO other income declares $10,000 in W2-G Gambling Winnings "
 
I think there must be more to your scenario, unless you are a dependent on someone else's return,  the lowest standard deduction amount in 2013 is $6100 (may be higher if filing MFJ or HH or 65 or over and/or blind) and the personal exemption is $3900 so $10,000 in income minus standard deduction of $6100 minus personal exemption of $3900 = $0 taxable income.  Who would/should care about the gambling losses?

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Re: [vpFREE] Advanced Tax question: Not the basics

 

mucre@yahoo.com wrote:

>If an individual with NO other income declares $10,000 in W2-G Gambling Winnings and also declares $10,000 in gambling losses, does he/she have to pay any income taxes on the gambling winnings? Does it make a difference in the amount of taxes paid (if any) on gambling winnings for an individual in same scenario who declares 100,000 in additional income? I always thought that if you declare the same amount of gambling losses as gambling winnings, you would not be taxed, but TurboTax computes a tax on gambling winnings even if you declare the entire winning amount as a loss.

Another issue, which I recently learned about the hard way, is that
high enough itemized deductions will trigger an alternative minimum
tax, although, for all I know, it may not apply to gambling losses.

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