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last year we won $1000 in scratch off. Now I have to file

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last year we won $1000...
last year we won $1000 in scratch off. Now I have to file and am told I have to use a 1040, have never filed on this, always do 1040A, I've read the 1040 and can't make heads or tails out of it, can you help me or point me in right direction ? Thank You
Submitted: 8 years ago.Category: Tax
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2/3/2009
Tax Professional: Merlo, Accountant replied 8 years ago
Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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Hello lou,

Do you plan to try and write off any of your gambling losses?
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Customer reply replied 8 years ago
Yes, I saved all the lot tickets
Tax Professional: Merlo, Accountant replied 8 years ago
Hello again lou,

In order to claim your gambling losses, you must itemize your deductions? Do you have other deductions you can take such as home mortgage interest and property taxes?

Do you file your return as single or married?
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Customer reply replied 8 years ago
I live in mobile home, taxes are almost nil, I have nothing else, I file as head of household, I have a 100% disabled son at home.....
Tax Professional: Merlo, Accountant replied 8 years ago
Hello again lou,

If you file as head of household, then your standard deduction is $8,000.

In order to claim your gambling losses, you must be able to itemize your deductions on Schedule A. If your total itemized deductions, including your gambling losses, do not equal or exceed your standard deduction of $8,000, then you are defeating the purpose of itemizing. On your gambling losses, you cannot claim more than the amount of your winnings, so the maximum gambling loss you can claim is $1,000. If you do not have $7,000 more in deductions to itemize, you are better off just to forget trying to claim the gambling deduction, and take your standard deduction of $8,000.

You will still have to use Form 1040 rather than form 1040A. Your regular wages would be reported on line 7 and your gambling winnings are reported on line 21 as "other income".

If this was helpful please press the Accept button. Positive feedback is also appreciated.

Thank you.
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Customer reply replied 8 years ago
I misled you, I won the $1000 and saved all tickets since then, with total of $1000...so would be and even deal, I'm a senior on SS, so don't gamble except for occasional scrath off...don't ever want to win like that again....I was told up to $1200, you didn't have to claim
Thank You for your help.....
Tax Professional: Merlo, Accountant replied 8 years ago
Hello again lou,

Did the state send you a W-2G form to report the $1,000 winnings?
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Customer reply replied 8 years ago
Yes, it came with the check
Tax Professional: Merlo, Accountant replied 8 years ago
Hello again lou,

You have to report the $1,000 as income on line 21 of the form 1040.

What you heard about not having to claim anything under $1,200 is not true. Whoever told you this is probably thinking about money you win in a casino. If you win money in a casino playing slot machines, then the casino is not required to give you a W-2G form unless you win $1,200 or more.

But the winnings from a lottery are different. Anytime you win $600 or more on a lottery ticket, they send you a W-2G form and you are required to report the winnings as income. The IRS will also have a copy of your W-2G form and will be looking for you to report that as income on your tax return, so be sure to include it, otherwise you will receive a notice of the discrepancy from the IRS.

If this was helpful please press the Accept button. Positive feedback is also appreciated.

Thank you.


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Customer reply replied 8 years ago
One more question, what line do I put the losses in ?
Tax Professional: Merlo, Accountant replied 8 years ago
Lou,

I already explained to you that you cannot take the losses, because in order to do this you have to itemize your deductions.

You do not have enough deductions to do this, so you will not be able to claim the losses. You will just have to pay the tax on the $1,000 winnings.

Please refer to my previous discussion about having to take the losses on Schedule A.
Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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