Forgot to report W-2G gambling winnings ($1800) on accepted return - PATH 04 cycle - Audit risk?
Filed my taxes and got accepted on Jan 17th (PATH cycle 04). Just got a W-2G form for $1800 in casino winnings that I totally forgot about. Even with these winnings, im still under the standard deduction and my income isnt taxable. Should I be worried about getting audited? Never dealt with gambling forms before.
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GalacticGuru
Tax pro here - Since the casino reported this on a W-2G, the IRS will know about this income. While $1800 isn't huge, you should file a 1040X to amend your return. Better to fix it now than wait for them to catch it. The IRS matching system will flag this discrepancy eventually.
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Ravi Gupta
even if im still way under the standard deduction? 🤔
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GalacticGuru
Yes, any income reported on information returns (W-2, 1099, W-2G) needs to be reported regardless of your total tax situation
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Freya Pedersen
struck out at the casino AND with the irs lmaooo 🎰
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Omar Fawaz
Hey, I actually recommend checking out taxr.ai - its this new tool that analyzes your transcript and tells you exactly what to do in situations like this. It costs $4.99 but saved me so much stress with my amendment situation. https://taxr.ai
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Chloe Anderson
does it actually work? seems sus
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Omar Fawaz
Yeah its legit! It looks at your whole transcript and explains everything in normal person language lol. Tells you what forms you need and everything
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Chloe Anderson
just tried it - holy cow this thing is amazing! wish i knew about this sooner fr fr 💯
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Diego Vargas
I made the same mistake last year with a 2k win. They sent me a letter like 6 months later to fix it. Wasnt a big deal just had to amend
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Anastasia Fedorov
bruh the irs dont play with gambling money trust me fix it asap 👀
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StarStrider
fr fr they want their cut of those slots 🎰🤮
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Sean Doyle
Standard deduction doesnt matter, its still reportable income. Your in the same boat as me last year
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Zara Rashid
idk why everyone's freaking out its literally less than 2k lololol the irs has bigger fish to fry
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Luca Romano
terrible advice my guy, W-2G forms are automatically matched 🤡
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