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Crap, I forgot about two W2Gs

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Joe

Joe

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I keep meticulous records on our gambling wins and losses, but when it comes to taxes, I just throw everything in a cigar box until the end of year.

Anyway, I'm in my spreadsheet to add one W2G for Aces with a kicker for our trip last week. That's when I see two listings for June 5th & 6th at Suncoast for Aces with kicker. WTF, I don't even remember those. I have already made my quarterly estimated tax payments and started my Turbo Tax for 2016. Sure as shit, in the bottom of the cigar box are two more W2Gs.

Now it is not the worst problem to have, but I would have upped my estimated State & Fed payments if I remembered that $4,000 winnings. Wisconsin doesn't allow any deductions for losses. Too late now and we'll see if there is a penalty.

I haven't had a Royal since Oct 2015, so good thing I had Aces and a Kicker 5 times in 2016.
 
At least you didn't forget about the cigar box!

My bride does our taxes as she was an accountant in a previous career. She still digs doing taxes!

I have fond memories of my dad locking himself in his office to do the farm taxes back in the day!
Lots of white-out and swear words were used back then!

Happy work on your taxes, Joe!

RICHARD
 
Joe said:
...Now it is not the worst problem to have, but I would have upped my estimated State & Fed payments if I remembered that $4,000 winnings. ... Too late now and we'll see if there is a penalty....
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I am guessing this means you have to PAY vs getting a refund. Seems like there are some rules you need to be within a certain percent. And if not, then you just have to quarterly estimated for the next year. Personally, I had one larger W2G last year and had the casino withold a few thousand so we would be okay. I just did my first run at taxes and it looks like I guessed it right. We are getting $105 refund. Waiting for a few other forms before filing in case my numbers are not exact somehow.
 
Probably better than finding some spreadsheets from a major loser trip you forgot about until after filing. Joe you got it good if this is a problem. Somebody has to pay for the heart palpitations and shortness of breath when the hand begins scrolling on the counter.
Consider quarter 9/6 jacks. I know / heard of a lady that does well on that game/denomination and strangely enough her trip reports coincide with your dates many times.
 
Joe said:
I keep meticulous records on our gambling wins and losses, but when it comes to taxes, I just throw everything in a cigar box until the end of year

Now it is not the worst problem to have, but I would have upped my estimated State & Fed payments if I remembered that $4,000 winnings. Wisconsin doesn't allow any deductions for losses. Too late now and we'll see if there is a penalty.

So Wisconsin will take a cut of your winnings but not share in your losses. That's some serious bullshit. If you have losses in the market can you deduct those. I've never been lucky enough to have a w2g since I'm a low roller, but would like to have that problem lol. Good luck with the IRS.
Click to expand...
 
nostresshere said:
I am guessing this means you have to PAY vs getting a refund. Seems like there are some rules you need to be within a certain percent. And if not, then you just have to quarterly estimated for the next year. Personally, I had one larger W2G last year and had the casino withold a few thousand so we would be okay. I just did my first run at taxes and it looks like I guessed it right. We are getting $105 refund. Waiting for a few other forms before filing in case my numbers are not exact somehow.
Click to expand...
We've been retired for years, so no withholding for income. It's a crap shoot every year on how much to make in estimated tax payments. I've only had two penalties twice in the last 8 years. Two years ago we started collecting SS, so more income, more guess-work on estimated payments.

I think it just out and out sucks that SS is considered taxable income on the Federal return.

I usually just take the previous year's version of Turbo Tax and plug in what I think the new numbers will be and base my estimated on that. But, if you forget two W2Gs in the cigar box...:poke:
 
If your 2016 Fexderal estimated taxes covered the 2015 total Federal taxes than you will not owe a penalty. have no idea about Wisconsin taxes.
 
birdman925 said:
If your 2016 Fexderal estimated taxes covered the 2015 total Federal taxes than you will not owe a penalty. have no idea about Wisconsin taxes.
Click to expand...

I also believe - don't quote me - that if you're within 10% you won't get a penalty. Someone please correct me if I'm wrong.
 
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