All Things Tax

All Things Tax

Like the title says, from the filing process and tax questions to tax policy and reform, you can search and share All Things Tax here. This is the place to find answers to all your general questions that don't fall under the other categories. And just a reminder: questions about software or online filing should be posted in DIY Products.

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Member
Posts: 1
Registered: ‎04-16-2018

Please help

My gambling losses are higher than my winnings, but when entering both my return went down $4600. Why?

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Associate (Council Member)
Posts: 508
Registered: ‎01-31-2014

Re: Please help

When you say, "my return went down"  I am guessing you mean your REFUND went down by $4600.  The return is what

you file.   So, when you enter your gambling winnings your income goes up and the tax you owe goes up.  When you enter

you gambling losses that goes on Schedule A, itemized deductions.  IF you are not itemizing but instead taking the standard

deduction for you filing status, it then makes sense your refund would go down.

 

That is one possibility as to, why.

 

 

Council Member
Posts: 508
Registered: ‎04-06-2016

Re: Please help

AND your gambling losses are only deductible up to the amount of your winnings. You you lose more than you win, you can't deduct the extra losses.


Karen