Casino With- holding Tax

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fasth
Posts: 3
Joined: Sat Oct 10, 2020 2:51 pm

Casino With- holding Tax

Post by fasth »

So I have a good year for taxable jackpots in Las Vegas last year. I normally fill in and send in required paperwork and have no issue.
This year I have been patiently waiting for the refund to be sent. Had to re send info in April. Waited.
Just looked online and it says they have reduced my refund to $0 from $6000. an explanation will me mailed.
Any suggestions :(
nelsona
Posts: 18262
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Casino With- holding Tax

Post by nelsona »

Wait for explanation.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
fasth
Posts: 3
Joined: Sat Oct 10, 2020 2:51 pm

Re: Casino With- holding Tax

Post by fasth »

Is it normally requested for a win / loss statement from a 1040NR claimant? They have requested that, sent it in and am assuming that I filled that out incorrectly as I have not had to do that before. What are the legalities on that? Do I have to show a loss to get the with-holding back? How much of a loss would warrant my whole refund of $6000?
nelsona
Posts: 18262
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Casino With- holding Tax

Post by nelsona »

Tes, you need to provide documentation of your gambling "costs" and wins -- if requested. This year, they requested them.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
fasth
Posts: 3
Joined: Sat Oct 10, 2020 2:51 pm

Re: Casino With- holding Tax

Post by fasth »

Thanks, any chance you have an example you could post on how it looks on the 1040NR? I thought I put in information required correctly, but must be wrong. My net for the year is loss.
nelsona
Posts: 18262
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Casino With- holding Tax

Post by nelsona »

As I said, wait for the explanation from IRS. In the meantime, the 1040NR and 1040 instructions describe how to document and report gambling income.

https://www.irs.gov/taxtopics/tc419
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
HelenBusheyQkyi
Posts: 5
Joined: Sun Feb 20, 2022 5:29 pm

Re: Casino With- holding Tax

Post by HelenBusheyQkyi »

All winnings over $600 are federally taxed. If you win 10 times that amount, the prize recipient is sent a Form W-2G to declare the number of their winnings in a report to the local IRS. Did you do the return or not? You can be assessed 28% tax on the amount you win. In addition to the federal tax, some states may also withhold local taxes. And if you owe credit or alimony, the amount owed will automatically be deducted from your prize. So for me, it's better to get the money safely through the best pay per head software
https://www.bossaction.com/what-is-pay-per-head
HelenBusheyQkyi
Posts: 5
Joined: Sun Feb 20, 2022 5:29 pm

Re: Casino With- holding Tax

Post by HelenBusheyQkyi »

First, the price amount is shown for the applicable tax supply. Winnings up to $599.99 are tax-free. Anything over this amount is taxed as income. It is expected that 24% of the prize will be deducted before it is transferred to the winning candidate. If you implement the tax rate en masse, that rate will go up to 37%. Lottery total winnings form part of your taxable income for the year, and you pay tax based on the total amount. It's not like you only pay 37% of the total amount. This is only a part of the income, and the previous amount in the first category will be taxed at 24%. Even playing at https://top-canadacasinos.com/ , you pay taxes, which are already included in the winnings. In addition to federal law, each state has its own laws regarding lottery winnings. Usually, the tax varies from 2.9 to 10.9%.
tortoletkaschaem
Posts: 6
Joined: Sat Jun 25, 2022 12:20 pm

Re: Casino With- holding Tax

Post by tortoletkaschaem »

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FlipperGomes
Posts: 2
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Re: Casino With- holding Tax

Post by FlipperGomes »

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FlipperGomes
Posts: 2
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Re: Casino With- holding Tax

Post by FlipperGomes »

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michaelffischer
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Re: Casino With- holding Tax

Post by michaelffischer »

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michaelffischer
Posts: 4
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Re: Casino With- holding Tax

Post by michaelffischer »

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