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timgilbert56
New Member

My original refund was 2474.00 i forgot to add gambling winnings, when i amended the return for 2000.00 i now owe 240.00, why did my return change so much?

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?

2 Replies
xmasbaby0
Level 15

My original refund was 2474.00 i forgot to add gambling winnings, when i amended the return for 2000.00 i now owe 240.00, why did my return change so much?


Losses are an itemized deduction.  If you do not have enough itemized deductions to exceed your standard deduction, your losses will have no effect.

https://blog.turbotax.intuit.com/income-and-investments/how-are-gambling-winnings-taxed-8891/


https://ttlc.intuit.com/questions/1900352-can-i-deduct-my-gambling-losses



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)


**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
timgilbert56
New Member

My original refund was 2474.00 i forgot to add gambling winnings, when i amended the return for 2000.00 i now owe 240.00, why did my return change so much?

so adding just $2000 to my income completely wiped out my 2474.00 return?
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