Found possible 2022 1040 discrepancy

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olds442jetaway
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Posts: 9424
Joined: Tue Aug 21, 2007 9:08 pm

Found possible 2022 1040 discrepancy

Post by olds442jetaway »

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I have attached two pictures. One from the 2022 IRS 1040 Instruction booklet and one from the 2022 1040 return itself. The instructions clearly state to attach the W-2G forms to your return if Federal tax was withheld. However, the 1040 itself just uses the word tax withheld. I’m going with the instructions. Because Ct has a severe and expensive rule on taxing you on Federal AGI instead of your taxable income like the Feds, I need to have State tax withheld to the tune of 7 percent on my W-2Gs. The 1040 form should insert the word Federal, but as you can see they didn’t. This causes even more confusion because to write off gambling losses on your Fed 1040 you need to itemize on your return. Of course State taxes paid would be part of your itemized deductions making one wonder about attaching the W-2Gs to your 1040 return. Makes it easier of course not to attach them if you are one of the few who still do a paper return. I do because I like to read and understand not just hit mindless keys on prompts that can be confusing and full of glitches.

dinghy
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Joined: Mon Apr 29, 2019 8:24 am

Post by dinghy »

olds442jetaway wrote:
Thu Apr 06, 2023 5:08 pm
I’m going with the instructions.
I would do the same. I'm dubious about them actually needing the paperwork. They should already have the information in their own records.

FWIW, you can log in and download your records from irs dot gov. My 2022 account transcript shows all my quarterly estimated tax payments, but not any of my w2g's (no taxes withheld). It's possible they might have something wrong that you would want to be aware of.

olds442jetaway
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Posts: 9424
Joined: Tue Aug 21, 2007 9:08 pm

Post by olds442jetaway »

Not sure of what is let out to the public. I always do a match with Mohegan Sun’s records. So far so good. Whatever the casino shows is what goes in to the IRS.

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