Gambling Winnings

I won $ 1,600 in a casino and want to know how much I'll have to pay taxes. So if anyone knows how to claim your losses work to balance the gains. Thank you

Won on line 21 of 1040
Loss on line 27 of Schedule A

Your taxes depend on your tax bracket and filing status. Check with the tax table amount:
http://www.irs.gov/pub/irs-pdf/i1040tt.p ...

Note that 2006 tax rate could be slightly different from last year.

The effect of your winnings on your tax return depends on your tax bracket. If your marginal rate is 25%, you pay $ 400 in federal taxes on your gains, plus any state income tax if your state their a. As for claiming your losses you can do in Appendix A if you itemize your deductions. You'll need a way to prove that you have had losses. If the casino uses a certain type of card reader, they will be able to tell you. You can claim your losses as you have been gains, unless you're a professional player.

In what state did you earn the $ 1600?

Some states have tried to tax non-residents on the victory while in their state. CT tried this a couple of years at Foxwoods, to verify the vouchers from the Casino has given you, if there are withholding, you must file a declaration of non-resident in that State and take credit for taxes paid to other states in your home state.

According to the casino, they may or may not issue you a 1099 for the winner. Depending on your ethics, not a 1099 it would be difficult for the IRS to find you money.

Also note that you can deduct your gambling losses, to the extent of your winnings.

1. Did you receive a W2G? Do you withhold taxes W2G?
2. winner of the report: The total payout in the game of the year must be reported on line 21, Form 1040. You can use Form 1040A or 1040EZ.

aec The losses by deducting: If you detail the deductions you can deduct your gambling losses for the year on line 27, Schedule A (Form 1040). You can not deduct gambling losses that are more than your winnings.

It is important to keep an accurate diary or similar record of your winnings and gambling losses to deduct your losses, you must be able to provide receipts, tickets, statements or other documents showing the amount of your two gains and losses.

For more information, see IRS Publication 529, Miscellaneous Deductions, or Publication 525, Taxable and non taxable income, both available on the IRS Web site, IRS.gov or by calling 1-800 - TAX-FORM (1-800-829-3676)

Regarding the amount of tax you pay depends on your total income (AGI) this year to win not only your gambling If you do not change outside of your game the winning taxes Last year and again in 2005 with the return game winner and the loss on the deduction detail and get a similar amount of tax due.