Indiana Gambling Winnings Tax
2021年5月11日Register here: http://gg.gg/uk6cs
*Indiana Tax On Gambling Winnings
*Missouri Gambling Winnings Taxable
*Indiana Gambling Winnings TaxSec. 8.2. (a) Each person in Indiana who is required under the Internal Revenue Code to withhold federal tax from winnings shall deduct and retain Indiana Tax On Gambling Winnings
*I live in and Indiana took taxes out of gambling winnings I won in Indiana. Do I file Indiana State taxes or are the - Answered by a verified Tax Professional We use cookies to give you the best possible experience on our website.
*If you’ve recently won some cash at the casino or racetrack, read this blog post from the IN Department of Revenue to find out what federal, state and local income taxes you’ll owe on the winnings.
*Lottery winnings are considered ordinary taxable income for both federal and state tax purposes. Winnings are taxed the same as wages or salaries are, and the total amount the winner receives must be reported on their tax return each year. Before the winner receives any of the money, however, the IRS automatically takes 24% of the winnings.
I had Indiana state tax withheld from my gambling winnings. I am a resident of Ohio. Can I deduct these withheld taxes from my Federal and Ohio taxes? Or is there another procedure. It seems like I shouldn’t be double taxed by Ohio and Indiana.adjusted gross income tax at the time and in the amount described in withholding instructions issued by the department.
(b) In addition to amounts withheld under subsection (a), every person engaged in a gambling operation (as defined in IC 4-33-2-10) or a gambling game (as defined in IC 4-35-2-5) and making a payment in the course of the gambling operation (as defined in IC 4-33-2-10) or a gambling game (as defined in IC 4-35-2-5) of:Terms Used In Indiana Code 6-3-4-8.2
*adjusted gross income: shall mean the following:
(a) In the case of all individuals, ’adjusted gross income’ (as defined in Section 62 of the Internal Revenue Code), modified as follows:Indiana Code 6-3-1-3.5
*Month: means a calendar month, unless otherwise expressed. See Indiana Code 1-1-4-5(1) winnings (not reduced by the wager) valued at one thousand two hundred dollars ($1,200) or more from slot machine play; or
(2) winnings (reduced by the wager) valued at one thousand five hundred dollars ($1,500) or more from a keno game;
shall deduct and retain adjusted gross income tax at the time and in the amount described in withholding instructions issued by the department. The department’s instructions must provide that amounts withheld shall be paid to the department on the twenty-fourth calendar day of each month. Any taxes collected during the month but after the day on which the taxes are required to be paid shall be paid to the department at the same time the following month’s taxes are due. Slot machine and keno winnings from a gambling operation (as defined in IC 4-33-2-10) or a gambling game (as defined in IC 4-35-2-5) that are reportable for federal income tax purposes shall be treated as subject to withholding under this section, even if federal tax withholding is not required.
(c) The adjusted gross income tax due on prize money or prizes:
(1) received from a winning lottery ticket purchased under IC 4-30; and
(2) exceeding one thousand two hundred dollars ($1,200) in value;
shall be deducted and retained at the time and in the amount described in withholding instructions issued by the department, even if federal withholding is not required.
(d) In addition to the amounts withheld under subsection (a), a qualified organization (as defined in IC 4-32.3-2-31(a)) that awards a prize under IC 4-32.3 exceeding one thousand two hundred dollars ($1,200) in value shall deduct and retain adjusted gross income tax at the time and in the amount described in withholding instructions issued by the department. The department’s instructions must provide that amounts withheld shall be paid to the department before the close of the business day following the day the winnings are paid, actually or constructively.
As added by P.L.28-1997, SEC.16. Amended by P.L.192-2002(ss), SEC.82; P.L.91-2006, SEC.8; P.L.182-2009(ss), SEC.200; P.L.212-2018(ss), SEC.24; P.L.58-2019, SEC.22.
It’s been a while since I’ve listed out the bad states for gamblers. Here’s an updated list. Make sure you read the notes because while all of these states have tax systems that are problematic for gamblers, some impact amateurs while others impact professionals. Note that I do not cover the laws that impact gambling here (such as Washington State’s law that makes online gambling a Class C felony).
Connecticut [1]
Hawaii [2]
Illinois [1]
Indiana [1]
Massachusetts [1]
Michigan [1]
Minnesota [3]
Mississippi [4]
New York [5]
Ohio [6]
Washington [7]
West Virginia [1]
Wisconsin [1]
NOTES:
1. CT, IL, IN, MA, MI, WV, and WI do not allow gambling losses as an itemized deduction. These states’ income taxes are written so that taxpayers pay based (generally) on their federal Adjusted Gross Income (AGI). AGI includes gambling winnings but does not include gambling losses. Thus, a taxpayer who has (say) $100,000 of gambling winnings and $100,000 of gambling losses will owe state income tax on the phantom gambling winnings. (Michigan does exempt the first $300 of gambling winnings from state income tax.)
2. Hawaii has an excise tax (the General Excise and Use Tax) that’s thought of as a sales tax. It is, but it is also a tax on various professions. A professional gambler is subject to this 4% tax (an amateur gambler is not).
3. Minnesota’s state Alternative Minimum Tax (AMT) negatively impacts amateur gamblers. Because of the design of the Minnesota AMT, amateur gamblers with significant losses effectively cannot deduct those losses.
4. Mississippi only allows Mississippi gambling losses as an itemized deduction.Missouri Gambling Winnings Taxable
5. New York has a limitation on itemized deductions. If your AGI is over $500,000, you lose 50% of your itemized deductions (including gambling losses). Restaurants near sugarhouse casino philadelphia pa. You begin to lose itemized deductions at an AGI of $100,000.
6. Ohio currently does not allow gambling losses as an itemized deduction. However, effective January 1, 2013, gambling losses will be allowed as a deduction on state income tax returns. Unfortunately, those gambling losses will not be deductible on city or school district income tax returns, so Ohio will remain a bad state for amateur gamblers.Indiana Gambling Winnings Tax
7. Washington state has no state income tax. However, the state does have a Business & Occupations Tax (B&O Tax). The B&O Tax has not been applied toward professional gamblers, but my reading of the law says that it could be at any time.
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*Indiana Tax On Gambling Winnings
*Missouri Gambling Winnings Taxable
*Indiana Gambling Winnings TaxSec. 8.2. (a) Each person in Indiana who is required under the Internal Revenue Code to withhold federal tax from winnings shall deduct and retain Indiana Tax On Gambling Winnings
*I live in and Indiana took taxes out of gambling winnings I won in Indiana. Do I file Indiana State taxes or are the - Answered by a verified Tax Professional We use cookies to give you the best possible experience on our website.
*If you’ve recently won some cash at the casino or racetrack, read this blog post from the IN Department of Revenue to find out what federal, state and local income taxes you’ll owe on the winnings.
*Lottery winnings are considered ordinary taxable income for both federal and state tax purposes. Winnings are taxed the same as wages or salaries are, and the total amount the winner receives must be reported on their tax return each year. Before the winner receives any of the money, however, the IRS automatically takes 24% of the winnings.
I had Indiana state tax withheld from my gambling winnings. I am a resident of Ohio. Can I deduct these withheld taxes from my Federal and Ohio taxes? Or is there another procedure. It seems like I shouldn’t be double taxed by Ohio and Indiana.adjusted gross income tax at the time and in the amount described in withholding instructions issued by the department.
(b) In addition to amounts withheld under subsection (a), every person engaged in a gambling operation (as defined in IC 4-33-2-10) or a gambling game (as defined in IC 4-35-2-5) and making a payment in the course of the gambling operation (as defined in IC 4-33-2-10) or a gambling game (as defined in IC 4-35-2-5) of:Terms Used In Indiana Code 6-3-4-8.2
*adjusted gross income: shall mean the following:
(a) In the case of all individuals, ’adjusted gross income’ (as defined in Section 62 of the Internal Revenue Code), modified as follows:Indiana Code 6-3-1-3.5
*Month: means a calendar month, unless otherwise expressed. See Indiana Code 1-1-4-5(1) winnings (not reduced by the wager) valued at one thousand two hundred dollars ($1,200) or more from slot machine play; or
(2) winnings (reduced by the wager) valued at one thousand five hundred dollars ($1,500) or more from a keno game;
shall deduct and retain adjusted gross income tax at the time and in the amount described in withholding instructions issued by the department. The department’s instructions must provide that amounts withheld shall be paid to the department on the twenty-fourth calendar day of each month. Any taxes collected during the month but after the day on which the taxes are required to be paid shall be paid to the department at the same time the following month’s taxes are due. Slot machine and keno winnings from a gambling operation (as defined in IC 4-33-2-10) or a gambling game (as defined in IC 4-35-2-5) that are reportable for federal income tax purposes shall be treated as subject to withholding under this section, even if federal tax withholding is not required.
(c) The adjusted gross income tax due on prize money or prizes:
(1) received from a winning lottery ticket purchased under IC 4-30; and
(2) exceeding one thousand two hundred dollars ($1,200) in value;
shall be deducted and retained at the time and in the amount described in withholding instructions issued by the department, even if federal withholding is not required.
(d) In addition to the amounts withheld under subsection (a), a qualified organization (as defined in IC 4-32.3-2-31(a)) that awards a prize under IC 4-32.3 exceeding one thousand two hundred dollars ($1,200) in value shall deduct and retain adjusted gross income tax at the time and in the amount described in withholding instructions issued by the department. The department’s instructions must provide that amounts withheld shall be paid to the department before the close of the business day following the day the winnings are paid, actually or constructively.
As added by P.L.28-1997, SEC.16. Amended by P.L.192-2002(ss), SEC.82; P.L.91-2006, SEC.8; P.L.182-2009(ss), SEC.200; P.L.212-2018(ss), SEC.24; P.L.58-2019, SEC.22.
It’s been a while since I’ve listed out the bad states for gamblers. Here’s an updated list. Make sure you read the notes because while all of these states have tax systems that are problematic for gamblers, some impact amateurs while others impact professionals. Note that I do not cover the laws that impact gambling here (such as Washington State’s law that makes online gambling a Class C felony).
Connecticut [1]
Hawaii [2]
Illinois [1]
Indiana [1]
Massachusetts [1]
Michigan [1]
Minnesota [3]
Mississippi [4]
New York [5]
Ohio [6]
Washington [7]
West Virginia [1]
Wisconsin [1]
NOTES:
1. CT, IL, IN, MA, MI, WV, and WI do not allow gambling losses as an itemized deduction. These states’ income taxes are written so that taxpayers pay based (generally) on their federal Adjusted Gross Income (AGI). AGI includes gambling winnings but does not include gambling losses. Thus, a taxpayer who has (say) $100,000 of gambling winnings and $100,000 of gambling losses will owe state income tax on the phantom gambling winnings. (Michigan does exempt the first $300 of gambling winnings from state income tax.)
2. Hawaii has an excise tax (the General Excise and Use Tax) that’s thought of as a sales tax. It is, but it is also a tax on various professions. A professional gambler is subject to this 4% tax (an amateur gambler is not).
3. Minnesota’s state Alternative Minimum Tax (AMT) negatively impacts amateur gamblers. Because of the design of the Minnesota AMT, amateur gamblers with significant losses effectively cannot deduct those losses.
4. Mississippi only allows Mississippi gambling losses as an itemized deduction.Missouri Gambling Winnings Taxable
5. New York has a limitation on itemized deductions. If your AGI is over $500,000, you lose 50% of your itemized deductions (including gambling losses). Restaurants near sugarhouse casino philadelphia pa. You begin to lose itemized deductions at an AGI of $100,000.
6. Ohio currently does not allow gambling losses as an itemized deduction. However, effective January 1, 2013, gambling losses will be allowed as a deduction on state income tax returns. Unfortunately, those gambling losses will not be deductible on city or school district income tax returns, so Ohio will remain a bad state for amateur gamblers.Indiana Gambling Winnings Tax
7. Washington state has no state income tax. However, the state does have a Business & Occupations Tax (B&O Tax). The B&O Tax has not been applied toward professional gamblers, but my reading of the law says that it could be at any time.
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