πŸ€‘

Most Liked Casino Bonuses in the last 7 days πŸ–

Filter:
Sort:

πŸ’°

Software - MORE
B6655644
Bonus:
Free Spins
Players:
All
WR:
50 xB
Max cash out:
$ 200

The new Illinois casino was authorized by legislation signed into law this That indicates the tribe is prepared to enter a market with tax rates.


Enjoy!
Valid for casinos
Visits
Likes
Dislikes
Comments
HOW TO FILE YOUR TAXES ON GAMBLING WINNINGS IN OKLAHOMA FROM REAL CPA

πŸ’°

Software - MORE
B6655644
Bonus:
Free Spins
Players:
All
WR:
50 xB
Max cash out:
$ 200

OKLAHOMA LAW REVIEW. [Vol. losses. If a gambler is unlucky, the Internal Revenue Service will reconstruct gambling income, disallow wagering.


Enjoy!
Valid for casinos
Visits
Likes
Dislikes
Comments
INCOME Gambling

πŸ’°

Software - MORE
B6655644
Bonus:
Free Spins
Players:
All
WR:
50 xB
Max cash out:
$ 200

Withholding Tax on Gambling Winnings: Casino winnings are taxed as supplementary wages under state tax law. TRIBAL GAMING. Revenue Share: In​.


Enjoy!
Valid for casinos
Visits
Likes
Dislikes
Comments
Tax & Retirement Strategies for Gamblers - ENTIRE WEBCAST

πŸ’°

Software - MORE
B6655644
Bonus:
Free Spins
Players:
All
WR:
50 xB
Max cash out:
$ 200

In , lawmakers voted to cap income-tax deductions at $17, per Taxes on gambling in Oklahoma are less than taxes on a bottle of.


Enjoy!
Valid for casinos
Visits
Likes
Dislikes
Comments
Gambling, The IRS and Taxes: How to Deduct Your Gambling Income and Losses - Silver Tax Group

πŸ’°

Software - MORE
B6655644
Bonus:
Free Spins
Players:
All
WR:
50 xB
Max cash out:
$ 200

By law, gambling winners must report all of their winnings on their federal income tax returns. Depending on the amount of your winnings, you may receive one.


Enjoy!
Valid for casinos
Visits
Likes
Dislikes
Comments
πŸ’₯ 2019 WINSTAR WORLD CASINO - DAY 1 ARRIVAL - Bdby13jr vs. 1st Redscreen

πŸ’°

Software - MORE
B6655644
Bonus:
Free Spins
Players:
All
WR:
50 xB
Max cash out:
$ 200

OKLAHOMA LAW REVIEW. [Vol. losses. If a gambler is unlucky, the Internal Revenue Service will reconstruct gambling income, disallow wagering.


Enjoy!
Valid for casinos
Visits
Likes
Dislikes
Comments
Guide to IRS Form W-2G Certain Gambling Winnings - TurboTax Tax Tip Video

πŸ’°

Software - MORE
B6655644
Bonus:
Free Spins
Players:
All
WR:
50 xB
Max cash out:
$ 200

Hit the jackpot this past weekend in Oklahoma? Wondering what this means for your taxes? Are there any ways to reduce the tax hit? Here are.


Enjoy!
Valid for casinos
Visits
Likes
Dislikes
Comments
Can I deduct gambling losses?

πŸ’°

Software - MORE
B6655644
Bonus:
Free Spins
Players:
All
WR:
50 xB
Max cash out:
$ 200

When you entered your Oklahoma gambling winnings and all gambling You could still wind up owing some tax to Oklahoma even though you over once or even twice because of obscure tax laws whether state or federal.


Enjoy!
Valid for casinos
Visits
Likes
Dislikes
Comments
How to Minimize Taxes on Slot Machine Jackpots and more Casino Tax Advice

πŸ’°

Software - MORE
B6655644
Bonus:
Free Spins
Players:
All
WR:
50 xB
Max cash out:
$ 200

The new Illinois casino was authorized by legislation signed into law this That indicates the tribe is prepared to enter a market with tax rates.


Enjoy!
Valid for casinos
Visits
Likes
Dislikes
Comments
Woman loses Gambling Winnings to IRS

πŸ’°

Software - MORE
B6655644
Bonus:
Free Spins
Players:
All
WR:
50 xB
Max cash out:
$ 200

The new Illinois casino was authorized by legislation signed into law this That indicates the tribe is prepared to enter a market with tax rates.


Enjoy!
Valid for casinos
Visits
Likes
Dislikes
Comments
Video 25 - Taxes on Gambling Income

If you did not, you will want to show your losses on the Oklahoma return as itemized deductions. It shows on Page 39 of the PDF. There is no additional place to enter these losses in the OK return. You will also want to make sure that your cruise winnings are not included in your Oklahoma winnings. That being said, I hope that means, if I must, I can claim the losses in the appropriate place on their state forms or they will be transferred over correctly when things are finalized. That's odd. The way it computes essentially taxes me on my own non-resident income according the the NR that is generated. But it looks like it is completely gone. I have seen how other states do it, so it may work the same way for Oklahoma. It is all part of the OK state tax code and I have researched extensively but there is no recourse. I think I just found some info about it; see the next paragraph. The gambling wins come over automatically. I've put in a request for someone to help you with this issue. I have been down this road every year with the OK Tax Commission. I find that to be complete BS that a state in which I spent money in, then won back or vice-versa can then tax me on my own income from a different state. I cannot understand how this is legal. Because they receive the WG2 forms, they will start sending you letters, etc. TurboTax should fill that out for you in the OK state interview, and then in the final reporting it should exclude your non-resident income and use only the Oklahoma-sourced income. Sorry for the long paragraph. Topics: TurboTax Premier Online. The forum filter does not like a lot of heavy editing or several edits and saves. Good ole technology being its usual self. On Line 16 Total Federal Adjustments to Income I put my total federal adjustments deductions on the federal amount, but on the Oklahoma amount I put only the federal adjustments that apply to the Oklahoma sourced income i. Many states have forms that are not yet finalized and available. It looks like it was completely deleted. Okay, so I downloaded the 2-D NR Oklahoma form from their website it does the calculations for you as you input. If so, would I fill out a state return for Oklahoma? If you want to see the full Oklahoma instructions for Form NR Non-Resident and Part-Year Resident return and associated schedules, here is a packet that has the instructions as well as the actual forms for viewing. Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type. That's because OK computes a nonresident taxes based on their federal Adjusted Gross Income, then applies a percentage to the total tax based on the ratio of your income from OK to your total income. Sounds like if they want to do people dirty this way, then need to withhold state taxes when the gambling winnings are paid. How can OK apply a percentage to the total tax based on the ratio of your income from OK to your total income when there is no OK income if winnings equal losses? I live in Texas and won money at casino in Oklahoma, I've already entered the w2g required on my federal taxes, but do I owe state taxes in Oklahoma? Either pay or suffer the consequences. It really is a true burden for people like myself, who do try to keep records and report everything in earnest, to get screwed over once or even twice because of obscure tax laws whether state or federal. Did the interview offer a screen where you can allocate each type of income? Did you record your losses on federal Schedule A? New Member. There is no recourse. I'll see if I can attract someone familiar with both Oklahoma returns and gambling losses to comment in this thread during the day. If you need someone who is specifically knowledgeable about OK non-resident returns and how to allocate your non-Oklahoma and Oklahoma income, I may be able to find one to assist you. Doesn't add up. I think I may need to talk to an actual lawyer in this case because it is one thing to tax fairly on the income minus deductions, but completely another to either: 1. How OK can legally charge state tax based on a percentage of income earned in another state is beyond me. Not explain forms enough for someone including tax professionals to enter correctly and tax more on the average person's lack of understanding 2. So it looks like it zapped your whole paragraph without a trace--not even the space where it had existed. I checked my theoretical number on the Oklahoma tax table to see which income level it corresponds to. I also made the formatting above a little easier on the eyes. Turn on suggestions. The issue I have with that, is there is basically no deduction of any losses whatsoever, and the ratio it is using between Oklahoma source income gambling winnings and my own income from my home state, means that I am unfairly getting taxed on part of my own income in a nonresident state! They are basically robbing people if this is how things end up Level It will not show to the bulk of the forum as needing current help. I'm a fellow user, not a tax person. For the sake of argument, I entered numbers as would appear from my federal appropriately and I will pretend that my losses equal my winnings. But I've just asked a Moderator to restore it, but that won't happen until later this morning. Many thanks. Get the latest stimulus news and tax filing updates. I cannot see the NR form to check it until I pay and file? In a nutshell, OK takes winnings and applies a percentage rate against federal taxable income which includes the reported losses and this is how they compute your OK state tax. That's what i would like to know as well. Simply put, I hope the finalized forms accurately reflect what should constitute legal taxation based on federal standards. When you edited your comment, the forum spam filter kicked in and sent this whole thread to the archive. Or if you need help with reporting gambling winnings. They may be partially functional in the meantime. Would I leave the wins as on the federal if they were all won in Oklahoma? I'm not familiar specifically with OK state tax or their reporting forms, but I just looked briefly and with a quick search and glance at the instructions it looks like OK uses an extra page called NR-1 "Income Allocation for Nonresidents and Part-Year Residents. If you do not and owe tax the next year, they charge penalties and interest on the quarterly amounts that you should have paid. Showing results for. I also won money from the casino on a cruise I took, would I need to pay state taxes on that? So you may need to explain again what your concern was with the way Oklahoma appeared to be handling the gambling losses in your non-resident NR return. Unfortunately OK has us over a barrel. When I input the numbers into the NR-1 worksheet, I put my Texas income and Oklahoma gambling winnings combined in Line 1 on the federal amount, and only the Oklahoma gambling winnings on the OK Amount. It hurts my eyes and gives me a headache. There is no distinction for state of gambling loss. I see where you said it would transfer over but I am assuming you will still pay taxes on the wins and no credit for the loss?? So you'll think your thread has disappeared. If not, we can tell you how to phone TurboTax Support for realtime help. I can't help you with the gambling part, but I can comment on what you said about the OK return "taxes me on my own non-resident income. Hopefully someone will be able to shed some light on this matter. I'm a fellow user in another state and know nothing about how Oklahoma deals with gambling losses, or if it uses the calculation for gambling losses that the Federal return used, and then allocates it. I then went to the NR-D and input my federal deductions. So don't worry Yes, I got the message. Maybe you have not gone through the interview completely and haven't answered each screen to allocate the income, or it may be that that NR-1 allocation form is not yet available. If you are a non-resident, I presume most of those income types in the Oklahoma column will have zeros if it's done the same way as other states. Use shady formula's on someone who does input the information correctly, but still calculates more of a tax bill than seems fair or legal.{/INSERTKEYS}{/PARAGRAPH} If your gambling winnings are your only "Oklahoma-sourced" income, then that may be your only entry in that OK column. To test my theory as to why I am upset, I removed the Federal adjustments to income from the NR-1 worksheet out and let the form recalculate I am not even sure I am allowed to use that line for anything related to deductions anyway; but it does not really specify in the instructions. You should show all your losses on this form. This is where I saw what the NR-1 Allocation form looked like. {PARAGRAPH}{INSERTKEYS}Cruise, no - as you live in Texas and there is no state income tax. Search instead for. When the form recalculates the new amount, it is obviously very high. Did you mean:. Complete crap! While Federal allows offsetting losses, Oklahoma does not have a specific deduction. You could still wind up owing some tax to Oklahoma even though you claim losses up to the extent of your gambling winnings.