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Dice Financial Services Group

1716 N. Sanborn Blvd, PO Box 790

Mitchell, SD 57301

 

Phone:     605-996-7171

Toll Free: 800-658-3603

 

Website: www.dicefinancial.com

July/August 2019

When Good Luck is Taxed

You just won money in bingo, a state lottery or a casino and the first thing you’re thinking about is how your windfall will be taxed. Ok, maybe that’s not the first thing, but you should know how your winnings are taxed because underpaying your taxes could cost you.


A Taxing Situation
When you have gambling winnings, the government becomes a financial partner of sorts. You may receive a Form W-2G if your winnings exceed a certain figure, but you’ll need to report the smallest amounts, even from a church raffle.


If you itemize on your tax return, you may deduct gambling losses up to the amount of your winnings. You also should keep a record of winnings and losses, including dates, names and locations of where you won or lost, in case you need to back up your tax return numbers. Professional gamblers have different rules.


Be smart with your winnings. Work with reputable financial and tax advisors to be sure your money is handled properly. Even small winnings can help pay off debt or build an emergency fund. Larger winnings could help secure your financial future.


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Securities and investment advisory services offered through Osaic Wealth, Inc. member FINRA/SIPC. Osaic Wealth is separately owned and other entities and/or marketing names, products or services referenced here are independent of Osaic Wealth. Insurance Services offered through Dice Financial Services Group.
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