There are several ways to avoid or reduce the extra Medicare premiums. You can file as a professional gambler on schedule C so only your net profit is reported on 1040 line 12 (business income).
Most of us will not qualify as professional gamblers, but you can report your winnings on line 21, (other income), using the Session method instead of your W-2G total.. Your total winnings per session should be lower than your total W-2Gs. You can manage your gambling to minimize session winnings. Do not leave the casino with a small win. Play until you reach breakeven or a small loss. If you win big early continue playing as long as you can as this will usually greatly reduce your net win for the session.
If you have health insurance and they do not require you to get Medicare Part B you can refuse it. You can always file for it later. There is an open season each year and a slight penalty for each year you delay. Be sure to take Part A Hospital insurance at age 65 because it is free.
Chris
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Posted by: cy4873@hotmail.com
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