do i get the taxes back that were taken out
2007-08-21 11:09:59 · 5 answers · asked by stinkapooh5 1 in Business & Finance ➔ Taxes ➔ United States
i have loses of 26k and winnings of 50k
2007-08-21 11:17:43 · update #1
Casino winnings are not considered earned income.Therefore any wins at the casino have no effect any social security income.
When you file your tax return, the W-2G is reported along with a credit for the tax withheld. If you itemize, you can deduct any gambling losses to the extent of your winnings. That can eliminate all or part of any income tax on the winnings and you would get the withholding back if you do not owe any income tax on the return after all income and deductions are taken into effect.
2007-08-21 11:19:56 · answer #1 · answered by braskincpa 1 · 1⤊ 0⤋
1
2016-10-07 19:32:13 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Make sure you keep careful track of your losses. You MUST itemize to claim them. If you have a casino players club card and used it, the casino should be able to provide you documentation. Your increased income will make some of your social security subject to tax.
2007-08-21 12:21:07 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You won't get the taxes back, although if they took out more than you owe, you might get some of it refunded to you. If they didn't take out enough, then you would owe the additional amount.
You do understand that you can only deduct losses if you itemize, and even then only if you follow some very specific recordkeeping requirements.
Some of your SSDI might be taxed due to the total of your income for the year.
2007-08-21 13:00:51 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
By the time you write off your gambling losses, unless it was a lot of money, you should break even on it. So yes, then, theoretically, you may get some of the withheld taxes back on your return.
2007-08-21 11:13:13 · answer #5 · answered by Yanswersmonitorsarenazis 5 · 0⤊ 1⤋