If I won $720 at a card room, which is a taxable amount over $600, and I do not file that W2G what happens? Also if I file an amendment to the my return with say HR Block, will I need both my signature and my wifes or just mine for an amendment? Please answer the questions seperately if you are able to, Im wondering what the IRS would normally do...
2007-03-21 07:44:49 · 3 answers · asked by teriyaki 1 in Business & Finance ➔ Taxes ➔ United States
Where ever you won it at filled out the paperwork and reported it to the IRS so you have to also. They are probably already aware of your winnings. Yes you should both sign the amended form.
2007-03-21 07:49:17 · answer #1 · answered by justme 6 · 0⤊ 0⤋
Did you get a 1099-G for it? Did you WIN $720 or did you go home with $720?
What the IRS will do depends on how the $720 affects your tax liability. Are you getting a refund? If so, your refund will drop, but not appreciably, when you report this.
If you file an amended return, you'll need her signature on it too.
2007-03-21 14:48:15 · answer #2 · answered by Scotty Doesnt Know 7 · 0⤊ 0⤋
Best to claim it because now some IRS agent is on to you...lol. Just kidding. The amount was sent by the gambling establishment as to your winnings so it would be best to claim it.
Your wife will only have to sign if you filled jointly.
If you try to hide it, the IRS will impose fines and penalties on you and that you do not want my friend. It sucks to have the "big brother" take money out of your account or lock it up until you make it good. Hope this helps.
2007-03-21 14:51:36 · answer #3 · answered by jimmer256 2 · 0⤊ 0⤋