Your gambling winnings is income which you can use as you wish. Maximizing contributions to a retirement plan is always a good idea but whether you get a tax credit for doing so depends on many factors such as AGI, retirement distributions and other factors.
Thanks. But considering all other factorss remain unchanged except:
- Addition of $5K to income (W2G)
- Extra contribution of $5K towards 401K or IRA
Will that considered to be a wash?