Turbo Tax asks simple income questions to make sure the correct amounts are reported. Also, is there something in Pub 17 or any IRS document that covers this issue ? and my job income tax is about on point with what I would owe so thats not a factor. Winnings from gambling can be taxable and should be reported on your tax return. And even if youre not supposed to get a 1099 form because you didn't hit that $600 threshold, you still might, according to Beth Logan, an enrolled agent and owner of Kozlog Tax Advisors in Chelmsford, Massachusetts. they will provide you with the W-2G tax form and they will also mail you a 1099. I paid about 2400$ in federal income taxes on that $11,960. If I walked into a casino with $20,000, bought chips and then cashed in $15,000, all I am doing is getting cash back. It's important to keep documents such as wager statements and payment slips any time you gamble. Keno winnings, less the wager, are $1,500 or more. entities, such as banks, credit card issuers or travel companies. It includes cash winnings and the fair market value of prizes, such as cars and trips.". It only means that you do not have to fill out Form W2-G for these particular table-based games. , ALSO I HAVE 10,000 IN WRITTEN WIN LOSS STATEMENT, AND ALSO HAVE COLLECTED 12,500 FOR SSDI , HOW MUCH WILL I OWE IN FED., AND STATE TAXES. I won $2000 on a scratch off ticket and the nys lottery told me that because it wasnt 200 times winning from the price of the ticket that a w2g would not be created. Cash and the cash value of any prizes you win must be reported. (Getty Images). today, in English or Spanish, and get your taxes done and off your mind. A sin tax is a tax on goods and services deemed harmful to society, such as tobacco, alcohol, and gambling. Definition, What Is Form 8396: Mortgage Interest Credit? Do you have enough other itemized deductions like mortgage interest, property tax, etc. If you do not ---then itemizing does not help you. All versions of Form W-2G are available on the IRS website. Some states charge a flat percentage, while others base the state tax on how much you won. At this rate, Ill be owing the IRS 20k in taxes even though I lost more than I won for the year?