Indiana and several other states have had a state gross income tax, which is what you're describing, for a long time. That alone was enough to make VP (or any gambling) almost impossible to win at after taxes, and after-tax VP if you live in those states is negative expectation no matter how you figure it. Add the loss of itemized deductions and you're also paying federal on winnings regardless of losses. Taxes have killed gambling for most people.=====================On Tuesday, April 21, 2020, 09:00:47 PM EDT, Marsha Cuddington mcuddington@hotmail.com [vpFREE] <vpfree@yahoogroups.com> wrote:
Even worse, my state changed the tax laws and no longer allows the deduction of losses against the wins.. We now have to pay state income tax on the gross wins! This will definitely impact my gaming until I can move to a more "gambler friendly" place for retirement.
From: vpFREE@yahoogroups.com <vpFREE@yahoogroups.com>
Sent: Tuesday, April 21, 2020 8:50 PM
To: vpfree@yahoogroups.com
Subject: [vpFREE] Re: Stimulus check
Yep. Totally unfair - W2Gs are not a reflection of winnings - and even using the session method, your AGI does not provide an accurate refection of the annual result of one's gambling for the year. I'm certain this affects many, many people. Adding to the frustration is reading about dead people receiving stimulus checks - sheesh!!
Posted by: Merla McCormick <merlamccormick@gmail.com>
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