View Single Post
  #23  
Old 08-21-2005, 08:19 PM
AcmeSalesRep AcmeSalesRep is offline
Junior Member
 
Join Date: Aug 2004
Posts: 25
Default Re: Do bonuses affect taxes? (US)

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
When you report this gambling income, be it winnings or rebates or whatever, do you fill out form W2-G and fill in Party Poker and all their info? Do you fill out forms for each poker site?

[/ QUOTE ]

I just lump all of my gambling together...add up the winnings and report it as gambling winnings...all up the losses and deduct them in my itemized deductions. (Note that I make separate entries for both me and my wife.)

It might not be completely correct, but it works for me. If I get to the point where it becomes significant relative to my regular family income, I will consult a qualified accountant and see what s/he thinks. Until then, I think this is good enough.

Acme

[/ QUOTE ]

In Turbo Tax, it asks if you have gambling winnings and if you say yes, then it gives you the W2-G to fill out. Normally you would have an actual W2-G if you won the lotto or something and you would just transpose the info form the actual form to the Turbo Tax form.

In this case you dont really have a W2-G form, so is there some other way to report it? Is there a line for gambiling winnings? Other income?

I use Turbo Tax and e-file so I havent actually seen a tax form in a while.

[/ QUOTE ]

I do not recall it asking me to fill in all the W-2G info. I recall TT asking me how much each of us won and lost. If it asked for the other information, I likely just said various online and B&M sites or something similar.

I had no trouble e-filing with my gambling claims...and I definitely did not fill out tons of forms for each site.

Acme
Reply With Quote