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!

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.

 

After you file

Hello, Mike9241!

 

Yes I over-reported gambling winnings but correctly reported losses.

After you file

I suppose the question I am asking is if accidentally overreporting my gambling winnings will get me in trouble.

After you file

No trouble ... the IRS lets you make income errors in their favor. 

View solution in original post

After you file

Thank you, @Critter-3