I have approximately $250,000 in W2G statements that I believe must be reported on Schedule 1. I also have more than $250,000 in gambling losses to offset this income and therefore will have $0.00 tax liability. However, by reporting this $250,000 it increases my Adjusted Gross Income to a level where I no longer have the ability to write of medical expenses (Which are directly tied to my Adjusted Gross Income) Additionally, my Medicare Part B premium will be increased by $400 per month because my Medicare Premium is also tied to my Adjusted Gross Income.
No tax liability because my gambling losses offset my gambling winnings - however the W2G's have changed my deduction percentages and my Medicare Premium and although there is no tax liability - I am losing close to $10,000 because of the inflated Adjusted Gross Income - how can I offset this Adjusted Gross Income to eliminate this jeopardy?
