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Wallstreet Esq.
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Do gross gambling winnings affect social security

Customer Question

Do gross gambling winnings affect social security benefits.?? I know you can offset gambling winnings with gambling losses...dollar for dollar... But do the gross winnings (even if you have a net loss for the year ) affect SS benefits??
Submitted: 9 months ago.
Category: Tax
Expert:  Lev replied 9 months ago.

Do gross gambling winnings affect social security benefits.?

gambling winnings would NOT affect the amount of social security benefits.

If you are below full retirement age - your social security benefits MIGHT be reduced - but that is ONLY based on earned income - wages and social security. Gambling winnings are not earned income - and are not reported to the SSA.

I know you can offset gambling winnings with gambling losses...dollar for dollar...

Gambling winnings are NOT directly offset by gambling losses...

While you are correct - gambling losses are deducted up to the amount of winnings - that deduction is claimed separately on schedule A and you should itemize to claim that deduction.

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