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I won a total of $23,306 with online gambling in PA. The W2-G I received was a lump sum. I had won a bunch of amounts over $1200 but under $5000 each. Is this right?

Will it make a difference on what I am paying in taxes? I have more than the amount in loses and am Itemizing.
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3 Replies
HelenC12
Expert Alumni

I won a total of $23,306 with online gambling in PA. The W2-G I received was a lump sum. I had won a bunch of amounts over $1200 but under $5000 each. Is this right?

Please clarify. I'm not sure what you mean by " I had won a bunch of amounts over $1200 but under $5000 each. Is this right?"

  • You need to report the total amount won and you're able to enter losses to the extent of your winnings when you itemize. 

Yes, it makes a income tax difference if you itemize and report your gambling losses.

 

 

 

 

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I won a total of $23,306 with online gambling in PA. The W2-G I received was a lump sum. I had won a bunch of amounts over $1200 but under $5000 each. Is this right?

I won 10 different times that required the W2-G. I didn't know if the tax percentage is different if the amount is a high lump sum compared to entering each one at a lower amount. 

I won a total of $23,306 with online gambling in PA. The W2-G I received was a lump sum. I had won a bunch of amounts over $1200 but under $5000 each. Is this right?

No, you are taxed on your total income.   More income = higher tax rate.   

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