Gambling winnings must be reported on your tax return. Based on the amount you won and your other income you might have to pay Federal and State income tax. Not all gambling winnings are reported on a W-2G. Here is how to report the Gambling winning on TurboTax::
- Log in to your account.
- Go to Federal Taxes.
- Scroll down to Less Common Income.
- Click start next to Gambling Winning.
- Answer "yes" to Did you win money or prizes from gambling or lotteries during 2019?
- Click your name on the screen "Let's get your W-2G info " or Click Skip W-2G if you didn't receive one.
In addition to that you may have to pay federal income tax on part of your Social Security benefits this year since you have other income.
Here’s a quick way to find out if part of your Social Security benefits is taxable:
Add one-half of the Social Security income to all other income, including tax-exempt interest. Then compare that amount to the base amount for their filing status. If the total is more than the base amount, some of your benefits may be taxable.
"The three base amounts are:
- $25,000 – if you are single, head of household, qualifying widow or widower with a dependent child or married filing separately and lived apart from your spouse during the year.
- $32,000 – if you are married filing jointly
- $0 – if you are married filing separately and lived with your spouse at any time during the year". Are Social Security benefits Taxable?
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
