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blondee | Should I (or shouldnt I) claim my jackpot come tax time? |
Back in April of this year, I hit a $3,000.00 jackpot at one of the local casinos. Of course, they gave me a 10-99 form after they handed me the cash, which supposedly I have to claim with my taxes come next year since they gave me the exact dollar amount I won and didnt take out taxes.
Now, my question is......what happens if I don't claim this 10-99 form. I had been told by someone that they LET you know you are going to be audited beforehand? Is this true? How much trouble can someone get in for not claiming something such as this 10-99 form?
I know people do scandalous stuff on their taxes EVERY SINGLE YEAR----hundreds of thousands of people----but who gets caught and what basically happens? How do you know you're being audited?
Additional Details
Okay guys, I never once stated that I wasn't going to file my 10-99 at all....I was just wondering the odds of being audited....and the government gets a copy of EVERYTHING! Not just a 10-99 form. |
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curtisports2
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Ask yourself this: Is it better to pay the $1000 (and probably less) in taxes you owe, now, or to pay the tax, plus interest and penalties, which can add up to two or three times the tax, in a few years when you get caught, plus the hassle of dealing with the IRS? There is a chance you won't get caught, but I can tell you this...with the economy the way it is and the Federal government in the mess it's in, you better believe that the IRS will be buckling down and looking for every penny it can find. That 1099 will turn up at some point in their computers. |
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Roger
 |
The casino will report it to the IRS. If they 1099d you, then you will get caught if you don't claim it. |
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Gem
|
If you don't claim it before April 15, and wait to be caught, you will end up owing nearly the entire $3000 you "won" in taxes.
The penalty for failure to file or report can be 100% of the tax PLUS interest & Fines. Every month the fines/interest increases.
So, if they don't catch you for a year or so, expect that this will cost you a lot.
Do the right thing because it is the right thing to do.
And never try to cheat the tax man when they have PROOF (the 1099 is proof) that you are "cheating".
Sorry. |
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Cut Throat B****
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The IRS gets a copy of that 1099. They already know you won the money. When you get audited you are going to have to pay the taxes you owed and also penalties and interest. Do you really want to go for YEARS waiting to find out if you're going to get away with it or not? |
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Jss
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If you meet the filing requirement by including this income, you MUST file your tax return and report this income.
IRS gets a copy of 1099 and if you do not report it, chances are high that you will get letter from IRS. Then you must pay tax due with interest and penalty. |
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ninasgramma
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Your 1099G has already been filed with the IRS and will be matched to your federal and state tax returns.
If you are otherwise required to file a tax return, you report your gambling winnings on Line 21 of Form 1040. There is close to a 100% chance that the IRS will eventually contact you if you do not report this income. The IRS may not contact you if there is no tax consequence, but otherwise you can count on it.
If you itemize and you keep track of all of your gambling, you may deduct your gambling losses up to the amount of your winnings on Schedule A.
If you under report your income, it is more likely that your tax return will be closely scrutinized not only in the year you under report, but for past and future years as well. You will owe not only the income tax but penalties and interest as well. |
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Judy1
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If you don't report it, eventually you'll get a letter from the IRS billing you for the extra tax, plus penalties and interest. It can take a couple years and by then the interest and penalties can be very large.
This isn't a matter of being unlucky and getting picked for an audit. It WILL happen, since the 1099 info was also reported to the IRS and they eventually match everything up to see that it was claimed. Chances aren't just high as one responder said, they are virtually 100%. |
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stephenweinstein
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The government does not get copies of everything. It does get copies of all Form 1099's. If the total of your Form 1099's is more than what you claim on your taxes, you will be audited, 100% definitely. If you claim no gambling winnings you will be audited, 100% definitely.
Those who cheat without being caught cheat in ways that are more difficult to detect, such as failing to report income for which there is no 1099 (if you win $5 on a scratch-off lottery ticket, you are required to report it on your tax return, but it is unlikely that you will be audited for failing to do so) or deducted expenses that they did not really have (or deducting more than the actual amount). |
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drinkbeerz128
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Congrats on the jackpot. Now while I also have won a few jackpots I'm assuming your talking slot machines, my wins were never a one time payout over that certain amount ... $1,199 I believe?
Anyway if they came and gave you a 10-99 form I'm guessing they asked you for you drivers license and social security number as well?
Did they give you the full $3,000 amount or did they tax you a bit on it and give you the difference.
If you were paid less with taxes out than at tax time you shouldnt pay more obviously, however assuming they paid you the $3,000 in full, then the gov't will expect you to report it with that tax paying year. You will have to pay tax depending on your current tax bracket I'm sure.
However ... "The law allows you to deduct gambling loses up to the amount of your winnings. You can only do this if you have documentation of your losses. Keeping a diary or logbook, is the way to do this." So you could show other losses over the year and possibly only have to report a percentage of that $3,000 and not the full amount. Good Luck! |
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wartz
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Don't claim it and in about a year you will get a nasty-gram from IRS proposing additional tax because of $3,000 of unreported income. You can deduct your gambling losses up to the amount of your winnings but IRS is not going to guess what they are; you have to include both on your return. |
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smilygirl44
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ARE YOU CRAZY! My parents have problems with bills and taxes ALL the time. Of coarse you should clam it during taxes that is the smartest way! |
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