Re: [vpFREE] Stimulus check

 

I had no W2Gs, but I made a decision to file honestly, reporting all winnings with or without W2Gs, and taking a deduction for losses up to the amount of winnings.  While it's close, the new standard deduction is high enough that we don't benefit from itemizing, so the losses are gone ... and if the IRS thinks that my 2020 report of gambling is substantially different because of the tax code, I'll claim I gambled less because of COVID 19 -- which is true.  Sadly, it hit me worst for 2018; and equally sadly, it didn't hurt as much in 2019 due to lack of much in the way of sinnings.

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On Wednesday, April 22, 2020, 03:29:14 PM EDT, Sylvia Gosline sgosline@gmail.com [vpFREE] <vpfree@yahoogroups.com> wrote:




You can deduct losses for tax purposes but the stimulus checks are dependent on AGI which is calculated before the losses are deducted. This is totally unfair and also affects what you have to pay for Medicare. We have to pay a Medicare surcharge because our AGI is too high. The good thing is I can ask for an adjustment after 2020 as I suspect I will have very few W2G's this year.

On Wed, Apr 22, 2020 at 12:15 PM Marsha Cuddington mcuddington@hotmail.com [vpFREE] <vpFREE@yahoogroups..com> wrote:
 

Deduction of losses against winnings still worked for me on the federal, but some states don't allow that.  That's where I got burned.  Returned to my home state of NC, which had always been "safe", only to find that they had changed the tax code.  There are several states that way now, so I wonder if this nasty trend is growing!  Indiana and Ohio had the same rules so maybe it's just following me…..

 

Thinking Nevada would be the last state to burn gamblers, so it's still on my list for places to retire 😉

 

From: vpFREE@yahoogroups.com <vpFREE@yahoogroups.com>
Sent: Wednesday, April 22, 2020 12:26 AM
To: vpFREE@yahoogroups.com
Subject: Re: [vpFREE] Stimulus check

 

 

You can deduct the losings if you itemize -- I've been doing it for years -- up to the amount of your winnings -- but starting last year (2018) I was unable to itemize because the standard deduction was higher, and I therefore got hit with tax on my winnings, while my larger losses did me no good.  Again in 2019.  Likewise charitable deductions; we've downsized and have been clearing out gobs of accumulated goods donated to Goodwill and similar, but no deduction anymore.

 

But nobody ever said taxes were "fair" -- nobody :)

 

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On Tuesday, April 21, 2020, 08:06:38 PM EDT, William Lobuzzetta LOBO1971L@netscape.net [vpFREE] <vpfree@yahoogroups.com> wrote:

 

 

 

Its not fair to not deduct the losings and then total your income

-----Original Message-----
From: Marsha Cuddington mcuddington@hotmail.com [vpFREE] <vpFREE@yahoogroups.com>
To: vpFREE@yahoogroups.com <vpFREE@yahoogroups.com>
Sent: Tue, Apr 21, 2020 8:02 pm
Subject: RE: [vpFREE] Stimulus check

 

Yes and (UGH), just had to pay a whopping tax bill due to those W2Gs.  Closing the casinos protects me in more ways than one!

 

From: vpFREE@yahoogroups.com <vpFREE@yahoogroups.com>
Sent: Tuesday, April 21, 2020 7:59 PM
To: vpFREE@yahoogroups.com
Subject: [vpFREE] Stimulus check

 

 

Anyone else not getting a stimulus check because W2-g income was too high?😡.

Sent from my iPhone

 



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