Ny state tax on gambling winnings

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paying state taxes on gambling winnings in another state ... Most states tax all income earned in their state, regardless of your residency. In addition, your resident state will require you to report the winnings, but will offer a credit or deduction for the taxes already paid to a non-resident state. Turbo Tax will handle all this for you. If you received a W-2G for your winnings, a copy was also sent ... NY State gambling winnings & losses. - Accountants Community I'm not challenging the deductibility of gambling losses or making any editorial comment on the morality of gambling or whether, as you said, it "doesn't deserve a tax benefit". I'm also not addressing the people who have gambling winnings and don't report them as required by law. I'm strictly addressing it's treatment under tax law. Tax Issues With Gambling Winnings and Losses - BKLYNER He now needs to prepare his tax return, and finds he owes an additional $2,600 to Uncle Sam, but his NY State tax increases by $27,000! The rule is that you will lose 50 percent of your itemized deductions on your New York State tax return if your Adjusted Gross Income (AGI) exceeds $500,000 (There is a phase-out between $100,000 and $500,000).

How Are Gambling Winnings Taxed? | The TurboTax Blog

Taxes on New York Lotto Winnings | Pocketsense Lottery prizes in New York are taxable income at both the state and federal levels. Depending on where a winner lives in New York, local income taxes may apply, too. For larger prizes, New York's state lottery agency will automatically withhold taxes from winnings.

Gambling winnings are subject to federal and Minnesota income taxes. This includes winnings from the Minnesota State Lottery and other lotteries. You’re responsible to report and pay income tax on all prizes and winnings, even if you did not receive a federal Form W-2G. How much of my winnings...

For many of us, gambling means buying the occasional lottery ticket on the way home from work, but the Internal Revenue Service says that casual gambling also includes raffles, casino games, poker, sports betting—and, yes, even fantasy football. When you win, your winnings are taxable income, subject to its own tax rules.

Your winnings are taxable both in your resident state and the state they are sourced to (in this case, New York); however, you will be able to claim a credit on your Pennsylvania return for any taxes paid to NY on your non-resident return. We recommend that you prepare the non-resident return in order for TurboTax to properly calculate this credit.

Filing NJ return due to gambling wins? - Atlantic City Forum - TripAdvisor Answer 1 of 16: Last night doing my taxes - had a number of W2s from 2009 for gambling wins easily offset by losses. However for the 1st time the tax preparer's program asked him why we weren't filing a NJ return due to those winnings. I live in NY. Has...