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I started out with a $1400 refund, I loaded up gambling win of $6000 and a gambling loss of $6000 and ended up with only a $350 refund
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June 6, 2019
10:16 AM
last updated
June 06, 2019
10:16 AM
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I started out with a $1400 refund, I loaded up gambling win of $6000 and a gambling loss of $6000 and ended up with only a $350 refund
Gambling losses are an itemized deduction. To benefit, your total itemized deductions (state income tax, charity contributions, mortgage interest and property taxes) must be more than the standard deduction. It sounds like you were claiming the standard deduction before (and maybe still are) and so aren't getting the full benefit of the deduction.
*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
June 6, 2019
10:16 AM
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I started out with a $1400 refund, I loaded up gambling win of $6000 and a gambling loss of $6000 and ended up with only a $350 refund
Gambling losses are an itemized deduction. To benefit, your total itemized deductions (state income tax, charity contributions, mortgage interest and property taxes) must be more than the standard deduction. It sounds like you were claiming the standard deduction before (and maybe still are) and so aren't getting the full benefit of the deduction.
*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
June 6, 2019
10:16 AM
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I started out with a $1400 refund, I loaded up gambling win of $6000 and a gambling loss of $6000 and ended up with only a $350 refund
Should I claim the standard deduction?
June 6, 2019
10:16 AM
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I started out with a $1400 refund, I loaded up gambling win of $6000 and a gambling loss of $6000 and ended up with only a $350 refund
Let Turbotax claim whatever is best for your situation. If you have gambling losses, you can't deduct them at all using the standard deduction. You may be able to deduct them if you itemize, depending on your other tax facts.
*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
June 6, 2019
10:16 AM
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