Perfect Play???

[MikeA]

Luck to ya GrannyJ!  "It's Survival in the City" out there now with the temps!  We're going in a couple of weeks.

[faygo]

Luck to ya GrannyJ!  "It's Survival in the City" out there now with the temps!  We're going in a couple of weeks.
 
 
Geez, you going again. You should hook up with SM and rent his digs for the summer.

[shadowman]

bob dancer says he had 5.5 million in w2 tax withholding.how does one pay the taxes on this,do they subtract the money played up to that 5.5 million?
 
You only pay taxes on actual winnings. Since Bob files as a professional I'm sure all of this stuff goes through his business.
 
For non-pros they must place all the w2g wins on form 1040 and then subract the losses on SchA. It's a real mess since this creates an artificially high AGI that is not accurate and leads to reductions in other deductions such as medical expenses.

[cddenver]

You only pay taxes on actual winnings. Since Bob files as a professional I'm sure all of this stuff goes through his business.
 
For non-pros they must place all the w2g wins on form 1040 and then subract the losses on SchA. It's a real mess since this creates an artificially high AGI that is not accurate and leads to reductions in other deductions such as medical expenses.
 
I figured that he'd do that.  When I read the original message saying that he had 5.5 million in W-2G's I chuckled to myself, hoping that he doesn't e-file.  I do that myself using TurboTax, and while I wouldn't hesitate to recommend it to anyone, one of the things I don't like about it is that all W-2G info has to be typed into the e-return.  Payer name, address, phone number, company code, date, payee name address, etc., etc., for EACH W-2G since TurboTax doesn't let you copy/paste info from one W-2G entry to another.  That would take quite a while for 5.5 million in W-2Gs...I just did a quick calculation, and if all of his W-2G's were for $1,200 winners that works out to over 4,500 W-2G's to type in...ouch. 

[EDC1977]

CD; his fingers would be too sore to play VP!

[cddenver]

CD; his fingers would be too sore to play VP!
 
That's true.  My fingers are always sore for weeks after I do my taxes, and that's with only 1,000 or so W2-G's to enter into TurboTax each year ("not"!)

[EDC1977]

[
 My fingers are always sore for weeks after I do my taxes, and that's with only 1,000 or so W2-G's to enter into TurboTax each year ("not"!)   Don't worry, me and OEJ got your back and won't say a word to the IRS!

[Deloradeuces18]

Leaving for Vegas Wednesday.  Don't look for me at the mega bucks machine. However, plan on having fun.  Maybe we'll bump into one another, GrannyJ. Good luck to you on your trip!