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Level 3
June 1, 2022
Solved

Amendment Error, Does it Matter?

  • June 1, 2022
  • 1 reply
  • 6 views

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!

Best answer by Critter-3

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


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

1 reply

Mike9241
Level 15
Level 15
June 1, 2022

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.

 

Mike9241
sedtaxAuthor
Level 3
June 1, 2022

Hello, Mike9241!

 

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

sedtaxAuthor
Level 3
June 1, 2022

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