I really need help on this subject, searching the internet hasn't really given me the direct answers I need. Here's what I need to know.
How do I calculate how much tax I pay on my winnings?
What form do I use to report sports gambling taxes?
Are Sports Gambling taxes, State, Local, or Federal?
Please help, I want to pay my taxes the right way.
2007-04-25 13:23:14 · 2 answers · asked by eXp 2 in Business & Finance ➔ Taxes ➔ United States
Winnings are fully taxable as ordinary income. List them on line 21 of Form 1040. Ditto for your state and local tax return, whatever the "Other Income" line is.
2007-04-25 13:26:53 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
In addition to what that first fellow said,, you can deduct losses from gambling up to the amount you win on Schedule A if you qualify for itemized deductions. See the link below for IRS info
winnings are taxed by federal and if your state has income tax,, there also.
2007-04-25 13:40:51 · answer #2 · answered by Jo Blo 6 · 1⤊ 0⤋
On the 1040 Form (The main tax form filers pay in April) there are several lines for income. One of them is gambling winnings. You put it on that line, and it combines with the rest of your income. Your tax is based on all your income.
2007-04-25 13:27:14 · answer #3 · answered by Allie C 1 · 0⤊ 0⤋