I have 2000.00 in winnings and offset with 2000.00 in losses. my return now says i owe 240.00 instead of getting back 2474.00 what happened. do i still get the initial refund? do i have to pay the 240.0? and do i have to file this today?
Losses are an itemized deduction. If you do not have enough itemized deductions to exceed your standard deduction, your losses will have no effect.
2018 Standard Deductions:
Single $12,000 (+ $1600 65 or older)
Married Filing Separately $12,000 (+ $1300 65 or older)
Married Filing Jointly $24,000 (+ $1300 each spouse 65 or older)
Head of Household $18,000 (+ $1600 65 or older)