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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: 11 months ago.
Category: Tax
Expert:  Lev replied 11 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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