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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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After you file
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.
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After you file
Hello, Mike9241!
Yes I over-reported gambling winnings but correctly reported losses.
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After you file
I suppose the question I am asking is if accidentally overreporting my gambling winnings will get me in trouble.
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After you file
No trouble ... the IRS lets you make income errors in their favor.