What line on 1040A = Gambling Winnings?

[josie_wales]

I was just looking it over and cant see it [img]/images/graemlins/confused.gif[/img]
Thanks for any help

JW

[cardcounter0]

Call a CPA --- quick!

Your question is similar to someone sitting down to the poker table with a big rack of chips and asking, "Now let me get this right, does a flush beat a straight?"

[mistrpug]

[ QUOTE ]
I was just looking it over and cant see it [img]/images/graemlins/confused.gif[/img]
Thanks for any help

JW

[/ QUOTE ]

I think it's called additional income or something like that. If I'm not mistaken there is no line specifically for gambling winnings.

[Cleveland Guy]

I'm pretty sure you have to go to the long form before you get to this.

[Kellon]

Are you going to declare any gambling losses? If so, you can only do it on Schedule A, and if you itemize deductions, you can't use 1040A. More to the point, however, there really doesn't appear to be a line on the 1040A for "Other Income", as there is on the 1040. So you probably can't use the 1040A if you are declaring gambling winnings and losses.

[memphis57]

[ QUOTE ]
Call a CPA --- quick!

Your question is similar to someone sitting down to the poker table with a big rack of chips and asking, "Now let me get this right, does a flush beat a straight?"

[/ QUOTE ]

Not really - this would only be true if there were 4,327 different ranks of hands in poker and whether TT beat 99 depended on the color sequence of all 7 cards as originally dealt and if these hand orders were extensively revised each year by big casinos who had an interest in the outcome.

Tax Reform Legislation of 20XX (fill in latest year) = CPA Full Employment Act of 20XX

[Thythe]

I would bet he is only declaring net winnings, not gains and losses.

[mistrpug]

From the IRS:

Topic 419 - Gambling Income and Expenses

Gambling winnings are fully taxable and must be reported on your tax return. You must file Form 1040 (PDF) and include all of your winnings on line 21. Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse races, and casinos. It includes cash winnings and also the fair market value of prizes such as cars and trips. For additional information, refer to Publication 525, Taxable and Nontaxable Income.

If you receive $600 or more in gambling winnings, the payer generally is required to issue you a Form W-2G (PDF). If you have won more than $5,000, the payer generally is required to withhold 25% of the proceeds for Federal Income Tax. If you did not provide your social security number the payer may have to withhold 28%. For more information on withholding, refer to Publication 505, Tax Withholding and Estimated Tax.

You can deduct gambling losses only if you itemize deductions. Claim your gambling losses as a miscellaneous deduction on Schedule A Form 1040, line 27. However, the amount of losses you deduct cannot be more than the amount of gambling income you have reported on your return. It is important to keep an accurate diary or similar record of your gambling winnings and losses. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses. Refer to Publication 529, Miscellaneous Deductions, for more information.