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Level 3
posted Jun 1, 2022 12:32:50 PM

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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1 Best answer
Level 15
Jun 1, 2022 4:57:50 PM

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

5 Replies
Level 15
Jun 1, 2022 12:59:38 PM

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.

 

Level 3
Jun 1, 2022 1:06:26 PM

Hello, Mike9241!

 

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

Level 3
Jun 1, 2022 2:22:44 PM

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

Level 15
Jun 1, 2022 4:57:50 PM

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

Level 3
Jun 1, 2022 8:54:49 PM

Thank you, @Critter-3