Re: [vpFREE] Stimulus check

 

Now, where's the anecdote of the gambler who replied to that letter by stating, "I lost it", to which the IRS responds "negligence doesn't relieve tax liability"??


-----Original Message-----
From: BP bjbigplayer@gmail.com [vpFREE] <vpFREE@yahoogroups.com>
To: vpFREE@yahoogroups.com
Sent: Wed, Apr 22, 2020 5:43 pm
Subject: Re: [vpFREE] Stimulus check



Report less than the sum of your W2-Gs as other income if you don't file Sch C and that is a red flag that usually results in a letter audit.  IRS still assumes, despite new rules allowing session reporting, that your Gross Session Wins must not be less than the sum of your W2-Gs.  If you have $50,900 in W2-Gs and report $15,000 in Other Income on Form 1040 the IRS wants to know where the rest of your win is. 

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Posted by: harry.porter@verizon.net
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