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Get your online template and fill it in using progressiveįeatures. I buy the principle behind some of those methods, but I've never seen anybody say they actually did it themselves.How to fill out and sign Winstar map pdf online? So it's more advantageous for them to find a way to put zero on that line than it is to report the W2G amount and then offset it with a deduction. One reason people might want to do that is that the number on Line 7 is included in your AGI which can affect how much you pay for Medicare and other things (like maybe how much tax you have to pay on Social Security benefits). There are other methods people claim are valid that involve reporting zero on Line 7 and attaching an explanation that you had a net loss, etc. But it gets you out of paying Federal taxes on the handpays when you didn't end up keeping any of that money - you lost it all back and another $9,524 on top. So you would only be able to claim $42,278. You're only allowed to deduct losses up to the amount of wins, so I couldn't deduct $14,418, I could only deduct $9,463. I had $9,463 in W2Gs and a net loss of $14,418 for the year. Since you had a net loss for the year, if you itemize deductions (and I would say you should), you can offset all of the W2G amount on Sch A. Somebody may manually look at it, or the system just says nuh-uh and sends you a letter saying 'You underreported, you owe us $X, either send it in or dispute it.'

If the number on that line doesn't match the total of W2-Gs casinos have reported to them, your return is going to get kicked out for review. The IRS is going to expect to see $47,278 on the Other Income line. Click to expand.Right, so in that case, and let's assume that your Caesars W/L represented all your gambling activity.

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