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Thread: Tax on Blackjack TOURNAMENT Winnings

  1. #14


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    Quote Originally Posted by 21forme View Post
    If a 1099 was issued, YES! The matching of issued tax forms and reported income is all computerized. One day, you will get a letter in the mail from the IRS with your tax and penalties due. And if you ignore that, one day, there will be a knock on your door...

    About 10 years ago, I got a letter like that for $10 in interest I forgot to report because I never got my copy of the 1099. Not getting the form in the mail is no excuse.

    Thanks for the info. Are BJ TOURNAMENT WINNINGS usually reported on a 1099? That's hwat I think they sent me which I misplaced! Dammit.

  2. #15


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    Contact the casino to get a replacement copy. Were taxes withheld on the 1099 as is often the case? You were probably asked if you wanted taxes withheld at the time they paid you. The IRS is going to want to see gambling winnings on you tax return at least in the amount of your 1099. They might assume you even had more gambling winnings if audited. However as 21forme pointed out, this is computer matched and is easily flagged if not reported.

  3. #16


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    They took out the 3% sales tax but that was it...

  4. #17


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    I calculated my taxes on those tax estimator sites and it said how much tax was withheld... the State took out 3% from my $15k that i won.... so would i subtract $450 from the $15k or do i also have to pay FEDERAL taxes on that $15k (less $450) ?

  5. #18
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    Quote Originally Posted by BughouseMASTER View Post
    I calculated my taxes on those tax estimator sites and it said how much tax was withheld... the State took out 3% from my $15k that i won.... so would i subtract $450 from the $15k or do i also have to pay FEDERAL taxes on that $15k (less $450) ?
    This is the service I use. It will do all your calculations for you. You should have received a 1099G for the $15K tourney win and you would enter the data from the 1099G to the program, including the State tax paid, and the program will calculate how much you owe or are due back in a refund.

    The federal tax will be based on the $15K.

    Yes, I pay for the premium service so I can call them if I have any questions; the cost is a write off, so it is worth it.

    It is also worth it to file electronically and to have a refund deposited directly to your bank account.

    https://www.taxslayer.com/
    Last edited by Wave; 04-01-2020 at 09:25 PM.

  6. #19


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    I actually got a 1099-MISC but does it matter? Thanks for the link

  7. #20


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    Contact the casino and get a replacement 1099 or a photocopy of their copy. There are numbered boxes or lines on these forms and the instructions say where to put each item.

  8. #21


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    NO need. I found what they originally sent me. My question was for the $450 (3% Sales Tax) I paid though.... do i subtract that from the $15k that i won as my NET winnings is only $14550 & thus I would pay FEDERAL taxes on that lower amt instead?

  9. #22
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    Quote Originally Posted by BughouseMASTER View Post
    I actually got a 1099-MISC but does it matter? Thanks for the link
    Tomorrow I'll look at some old returns and see if I received any 1099MISC and how I filed.

    When you claim the winnings on your federal return you should claim the entire $15K. Like I said earlier, if you use the program it will take care of this automatically and prepare your state and federal returns. All you do is enter the data from your W2, 1099, etc., and the program makes the calculations.
    Last edited by Wave; 04-01-2020 at 09:52 PM.

  10. #23


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    I put that i paid $450 in state taxes and it didn't even show me the STANDARD DEDUCTION of $12,200 but just said i owe $281 after filling out all the fields....

  11. #24
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    Quote Originally Posted by BughouseMASTER View Post
    I put that i paid $450 in state taxes and it didn't even show me the STANDARD DEDUCTION of $12,200 but just said i owe $281 after filling out all the fields....
    Pay for the premium service and make a call.

  12. #25


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    Nah I'm good. I don't need to pay for that when there are tons of free sites that have confirmed close to the same net amount. If you want to hook me up with your login credentials just let me know though!

  13. #26
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    Quote Originally Posted by BughouseMASTER View Post
    Nah I'm good. I don't need to pay for that when there are tons of free sites that have confirmed close to the same net amount. If you want to hook me up with your login credentials just let me know though!
    What? So you can have access to all my prior returns that contain PII for my entire family? Ummm...pass.

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