I am an Australian resident and recently on a trip to America I had a win at the Casino and they took tax out and I got a Form 1042-S. Can I get the tax taken out of my winnings back? If I can how do I go about it.
2007-04-15 15:01:51 · 0 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
You'll have to file a non-resident return (Form 1040NR) to see if you can get any of that back. You can get the form at the IRS website -- http://www.irs.gov -- along with the instructions. While you're there get a copy of IRS Pub 519 as you'll probably need to refer to that.
I'm not sure if gambling winnings are subject to source taxation. If they are, you won't need to file a return nor will any of that tax withheld be returned to you. If they're not subject to source taxation then you might get some of it back by filing the Form 1040NR return.
Keep in mind that those winnings may be taxable in Australia and it's likely that the US IRS reported the winnings to your taxing authorities. I would imagine that you'd get a credit for the US taxes paid against any Aussie tax liability. The US and UK both have such credits and I'd imagine that OZ does as well.
In response to the first poster above, merely claiming that you had gambling losses that exceeded your winnings will NOT work. You'll need hard evidence of that claim and if you don't have receipts and a detailed diary of all of your gambling winnings and losses the IRS will routinely disallow that claim. And even if you do have provable losses, if the winnings are subject to source taxation, you won't get any offset at all as the source-levied tax is considered a final action with the IRS.
2007-04-15 15:13:37 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
RE:
Form 1042-S?
I am an Australian resident and recently on a trip to America I had a win at the Casino and they took tax out and I got a Form 1042-S. Can I get the tax taken out of my winnings back? If I can how do I go about it.
2015-08-04 04:50:08 · answer #2 · answered by Zachary 1 · 0⤊ 0⤋
Sports Betting Picks - Winning Picks
2016-04-25 03:52:50 · answer #3 · answered by Anonymous · 0⤊ 0⤋
For the best answers, search on this site https://smarturl.im/aD1HD
This is US source income. You will need to file IRS Form 1040-NR EZ and claim any income tax withheld.
2016-04-13 02:48:38 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Probably not. You could try filing a 1040-NR return available at www.irs.gov and claim that US gambling losses exceeded your winnings. This could create a refund of the withholding.
2007-04-15 15:07:36 · answer #5 · answered by spicertax 5 · 0⤊ 1⤋