Re: [vpFREE] Stimulus check

 

Attention everyone:

When you either get your mail, or your Informed Delivery Daily Digest, don't get upset when you find an IRS 1444 Notice envelope.

It is just a notice that your stimulus payment has been direct deposited into your bank account, not an audit notice or anything ominous..



Certainly the game is rigged. Don't let that stop you; if you don't bet, you can't win. -Lazarus Long

In theory, there is no difference between theory and practice. But, in practice, there is. -Yogi Berra

There is no such thing as luck. There is only adequate or inadequate preparation to cope with a statistical universe. -Robert Heinlein


On Thursday, April 23, 2020, 12:26:26 PM EDT, 'H. Dunbar .' h_dunbar@hotmail.com [vpFREE] <vpfree@yahoogroups.com> wrote:


 

That was a really good, informative post, Correna.

--Dunbar

From: vpFREE@yahoogroups.com <vpFREE@yahoogroups.com> on behalf of Correna correna2@yahoo.com [vpFREE] <vpFREE@yahoogroups.com>
Sent: Wednesday, April 22, 2020 10:00 PM
To: vpfree@yahoogroups.com <vpfree@yahoogroups.com>
Subject: Re: [vpFREE] Stimulus check
 
 

There is no where in the tax code that mandates W2-Gs be added up and reported; the tax code mandates that all wins be reported. While I started gambling in 1986, I did not start generating significant amounts of W2-Gs until 2008, and because of that, I started using the session method that year (and have every year since then). My session wins are always considerably less than the sum of my W2-Gs.

I keep detailed contemporaneous records - and yes, it can be a pain in the butt. On the upside, it forces me to "face reality" as to wins and losses. It is all too easy to only remember the great days and fool ourselves into believing we lose much less than we really do. A "session" for me starts from the moment I start playing and ends when I quit for the day. If I go to more than one casino in a day, that is another session. I record and claim ALL wins - whether it was a $5 win or a $20k win. While I do track all W2-Gs, that total for the year is not reflected anywhere on my 1040.

In those 11 years, I have been audited twice. The envelopes the audits came in were thick - about 20 pages or so. Besides the "love letter" included, there were pages and pages listing every W2-G I had received for the year - and they of course, let me know that my "wins" claimed did not add up to the W2-Gs they had received from the casinos. The part that I found quite surprising, was that on both audits, they were missing W2-Gs!  I actually had more than they listed. In both audits, I pointed out their errors - telling them they were missing W2-Gs. Both audits required 3 responses from me before they "saw the light" and closed the audits, accepting my explanations and letting me know I owed -0-.

I am not afraid of the IRS - I am honest and keep very good records - but I can assure you that if you are audited it will take a great deal of your time addressing it. I am certain I spent at least 20 hours each time gathering up the information I needed to send them and then writing and rewriting responses. And it is frustrating that you have 30 days to respond, but they have 60 days to respond to you.

Correna

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