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Gambling Winnings

by Jerry "Jet" Whittaker
May 19, 2006

Gambling winnings:

 

Gambling winnings are wholly taxable and must be reported on Form 1040, Line 21 if you are not a professional gambler. It is significant to keep an accurate diary or similar record of your gambling winnings and gambling losses. If you itemize your tax deductions on Form 1040, Schedule A, you may subtract any gambling losses up to the amount of your gambling winnings on your tax return. If you have no gambling winnings for the tax year then you cannot remove your gambling losses on your tax return. The tax subtraction on your tax return is not subject to the 2% AGI floor. You cannot deduct your gambling losses directly from the winnings reported on your Maryland tax return. However, your losses may meet the criteria as a deduction if you itemize deductions on your federal and state returns.

 

Gambling winnings from lotteries

 

Gambling winnings from lotteries and raffles are chargeable gambling winnings on your tax return. In addition to cash gambling winnings, you must comprise of your tax return bonds, cars, houses, and other non-cash gambling winnings at their fair market value. If you win a state lottery prize payable in installments, you must comprise on your tax return both the annual payments and any amount designated as interest on the unpaid gambling winning installments. Any federal income tax withheld from your gambling winnings should be incorporated on your tax return. Be certain to attach your Form W2-G to your tax return.

 

Other ways to win the online gambling

 

If you accept winnings from Maryland lottery games, racetrack betting or gambling, you must pay income tax on the prize money. This would be valid if you were either a resident of Maryland or a nonresident. If your winnings total more than $5,000, Maryland income taxes will mechanically be withheld from your newfound income. If your prize money totals between $500 and $5,000, you must file Maryland Form 502D and pay the tax on that income within 60 days from the time you accept the prize money. You can maintain a credit for taxes paid with Form 502D when you file your annual income tax return. If you are a nonresident and received prize winnings from a Maryland source, you must calculate your Maryland income tax by multiplying your gross winnings by a special nonresident tax rate of 6 percent.


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 






 


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