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When i add my gambling winning and loses it equals zero but my refund went down from 950 to 375. it should still be 950 because i lost the same amount i won
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When i add my gambling winning and loses it equals zero but my refund went down from 950 to 375. it should still be 950 because i lost the same amount i won
Gambling losses are not a one-to-one reduction of the taxable winnings. Losses are entered on Form 1040 Schedule A as a Miscellaneous itemized deduction. Your total itemized deductions must be greater than the standard deduction for your filing status to have any tax benefit.
Standard deductions for 2016
- Single - $6,300 add $1,550 if age 65 or older
- Married Filing Separately - $6,300 add $1,250 if age 65 or older
- Married Filing Jointly - $12,600 add $1,250 for each spouse age 65 or older
- Head of Household - $9,300 add $1,550 if age 65 or older
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When i add my gambling winning and loses it equals zero but my refund went down from 950 to 375. it should still be 950 because i lost the same amount i won
Gambling losses are not a one-to-one reduction of the taxable winnings. Losses are entered on Form 1040 Schedule A as a Miscellaneous itemized deduction. Your total itemized deductions must be greater than the standard deduction for your filing status to have any tax benefit.
Standard deductions for 2016
- Single - $6,300 add $1,550 if age 65 or older
- Married Filing Separately - $6,300 add $1,250 if age 65 or older
- Married Filing Jointly - $12,600 add $1,250 for each spouse age 65 or older
- Head of Household - $9,300 add $1,550 if age 65 or older
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When i add my gambling winning and loses it equals zero but my refund went down from 950 to 375. it should still be 950 because i lost the same amount i won
Correct answers are painful...
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When i add my gambling winning and loses it equals zero but my refund went down from 950 to 375. it should still be 950 because i lost the same amount i won
Now he's posted again, with more information.
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When i add my gambling winning and loses it equals zero but my refund went down from 950 to 375. it should still be 950 because i lost the same amount i won
I just saw that...I am turning in, been here way to many hours today.