Taxes

[viking1134]

I know this may have been talked about previously, but how does everyone file their taxes in regards to WW. I haven't received my 1099 yet, but know from my financial snapshopt that my net winnings are going to hit me hard unless I am able to offset with "additional entry fees". Please help and any suggestions will be greatly appreciated.

[msufan]

I know this may have been talked about previously, but how does everyone file their taxes in regards to WW. I haven't received my 1099 yet, but know from my financial snapshopt that my net winnings are going to hit me hard unless I am able to offset with "additional entry fees". Please help and any suggestions will be greatly appreciated.

you can cancel out your losses if you itemize, but those deductions don't get factored into your state taxes, so you'll take a hit there.

[Renaldo Moon]

you can cancel out your losses if you itemize, but those deductions don't get factored into your state taxes, so you'll take a hit there.

I can factor mine into my state taxes. It's dependant on the state.

[viking1134]

I do itemize, thanks for the help. What section will the information be placed in, if you know off top? How can I check on if my State allows it?

[Skialot]

Our tax preparer puts the additional entry fees into "Gambling losses" when he does our itemization.

[rahnnyboy]

that's where i put it.

[viking1134]

When you are putting the losses under gambling losses, are you also putting your "winnings" under gambling winnings, or are you putting it as a MISC 1099 like they send you?

[Skialot]

I believe he's just including it in income regular income.

Some players also use a Schedule C, and our tax guy mentioned that as an option as well, but I believe then you have to pay self-employment taxes (15.3%) on it above and beyond regular income tax.