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Gambling Winning from casino (Tax Law)

Fri, 30 Mar 2007 01:56:00 GMT

Hi guys, I won a 5000 dollar poker tournament at a casino. I am from IL but it was in Indiana. Anyways, when I won I chose to have the casino tax out the tax portion right away so I do not have to worry about it later. They took out over 1300 dollars in taxes and gave me the rest along with a WG-2form. Anyways, for my taxes this year if i dont want to bother making any deductions to get it back do i have to include the amount that i got on my taxes return even though I already paid taxes on it? I ask cause for my 1040 this year I only put in my wages totaling in 30k for gross income from working at a car dealership and did not include anything regarding the Gambling wins since I paid taxes on it at the casino already. PLease advise
thanks

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  • Fri, 30 Mar 2007 04:59:00 GMT(1)
  • Quote:

    Originally Posted by hilfigeraf168

    Hi guys, I won a 5000 dollar poker tournament at a casino. I am from IL but it was in Indiana. Anyways, when I won I chose to have the casino tax out the tax portion right away so I do not have to worry about it later. They took out over 1300 dollars in taxes and gave me the rest along with a WG-2form. Anyways, for my taxes this year if i dont want to bother making any deductions to get it back do i have to include the amount that i got on my taxes return even though I already paid taxes on it? I ask cause for my 1040 this year I only put in my wages totaling in 30k for gross income from working at a car dealership and did not include anything regarding the Gambling wins since I paid taxes on it at the casino already. PLease advise
    thanks

    You goofed...big time. That's no different than not including any other W2 on your tax return. You need to immediately amended your return to include the W2 G income and withholding. You may also need to file a non-resident Indiana tax return to account for the income since you won it in Indiana.
    See a tax pro asap. If you get the amendment filed before April 15th, and pay any balance that might be due by then, you won't have to pay any penalties.
  • Fri, 30 Mar 2007 08:35:00 GMT(2)
  • I agree with LdiJ with two clarifications. One, you get to April 17th this year. Two, if you file the amedment before then, it is accepted as your original return and you won't have penalties or interest.
  • Fri, 30 Mar 2007 08:42:00 GMT(3)
  • Quote:

    Originally Posted by tranquility

    I agree with LdiJ with two clarifications. One, you get to April 17th this year. Two, if you file the amedment before then, it is accepted as your original return and you won't have penalties or interest.

    You are correct, its April 17th this year. The 15th is a Sunday which normally pushes it forward to Monday, but Monday is another federal holiday, so its pushed forward to Tuesday the 17th.
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