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How to Navigate Turbotax. Taxes For the Self-Employed | How to file the PERFECT Income Tax Return - Duration: 15:59. The Self-Employed Tax Guy 160,395 views
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If you file a Michigan state tax return, note that as of my last read, Michigan does not allow the deduction of gambling losses at all. This means that you will pay Michigan state income tax on gambling income of $41,408, with no gambling deduction. You will know when you input the data into TurboTax. Taxes on Gambling Winnings and Deducting Gambling Losses Gambling losses are deducted on Schedule A as a miscellaneous deduction and are not subject to a 2% limit. This means that you can deduct all losses up to the amount of your winnings, not just the amount over 2% of your adjusted gross income.
How to Claim Gaming Wins and Losses on a Tax Return
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A Tax Guide for Solopreneurs: Self-Employed Tax Tips. How Are Gambling Winnings Taxed? Tax Tips losses Uber Driver-PartnersDocuments Checklist Get a tax list of the tax documents you'll need. TurboTax online and mobile pricing is based on your tax situation and tax tax product.
Im filing mytax returns now, and i got a 1099-misc from ... Im filing mytax returns now, and i got a 1099-misc from gambling winnings, but i lost it all back, how do i? file it as a loss so it doesnt deduct from my return? All of my friends were telling me not to sweat it cause I lost it all right back but I entered it in and it took out about 300 from my return, but I cant find the option to claim it ... How Are Gambling Winnings Taxed? | The TurboTax Blog The TurboTax Blog > Income and Investments > How Are Gambling Winnings Taxed? How Are Gambling Winnings Taxed? Income and Investments. ... Where on turbo tax do you enter your gabbling loss against your winning? I paid state taxes on my $1800 winnings but played back all but $500. ... I would advise your mother to file for 2013. If the casino ... How to Claim Gaming Wins and Losses on a Tax Return ...
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