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Extra taxes for gambling wins

Discussion in 'Non-Vegas Chat' started by HAWJOHN, Mar 23, 2013.

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  1. HAWJOHN

    HAWJOHN Tourist

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    Finally got around and did our 2012 tax returns. We could not itemize since we do not have enough deductions. Standard IRS deduction is $11,900 and an extra $2300 for senior citizens. After including our W2G wins totaling just over $3100 on line 21, it only resulted in additional taxes of just over 15 percent of the win. I thought it would be higher. Our state does not tax retirement income so after the standard deduction, we did not owe anything to the state.
     
    Last edited: Mar 23, 2013
  2. gotavegasjones

    gotavegasjones VIP Whale

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    Sounds like another win!
     
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