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Amendment Error, Does it Matter?

Hello! I filed (another) amendment return last week and my gambling losses are correct per my logs/receipts (yay!) but I accidentally double-counted a portion of winnings. Does it matter? Will I have to amend again later on? I don’t owe any money or am due money either way. Thank you!

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Accepted Solutions

Amendment Error, Does it Matter?

No trouble ... the IRS lets you make income errors in their favor. 

View solution in original post

5 Replies

Amendment Error, Does it Matter?

your situation is not clear.

gambling losses are deductible to the extent of gambling winnings.  if you correctly reported gambling losses but over-reported gambling winnings your taxable income could be overstated which means you could have overpaid your taxes.

 

Amendment Error, Does it Matter?

Hello, Mike9241!

 

Yes I over-reported gambling winnings but correctly reported losses.

Amendment Error, Does it Matter?

I suppose the question I am asking is if accidentally overreporting my gambling winnings will get me in trouble.

Amendment Error, Does it Matter?

No trouble ... the IRS lets you make income errors in their favor. 

Amendment Error, Does it Matter?

Thank you, @Critter-3 

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