1.) I need to know where I do this entry in TT, ?
2.) If i entered that i lost as much as I won so its a wash?
3.) Is there anything federal and state can take still from my refund?
4.) What is the best thing to show on mytaxes if i have to claim my children too? my refund tax credit can be lowered on refund i hear , typically i don't want to show I have more income, and i guess its considered not continuual income so i guess i dont care as much with that fact.
5.) If I claimed what my losses are to match the winning , why would people do that? What benefit does that have if any? An do the losses show on the ending tax filed packet, along with the winnings too? I know winnings show but does the Losses claimed also appear. It would look like i spent $1k to win $1k.
I just want to know what is the MOST COMMON but most intelligent way to file this gambling winnings if its just $1k? I wanted to walk away andnot have to report this so thats how you know what my position is but i know i WILL because its the law. 🙂
