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Schwartz Financial Associates, Inc

 

701 Route 73 North Suite 6, Marlton, NJ 08053

Phone: (856) 216-0390

 

Website: www.schwartz-financial.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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Registered Representative offering securities through Cetera Advisor Networks LLC, member FINRA/SIPC, a broker/dealer and a registered investment adviser. Cetera is under separate ownership from any other named entity.
Advisory Services and Financial Planning offered through Vicus Capital, Inc., a Federally Registered Investment Advisor.
For a comprehensive review of your personal situation, always consult with a tax or legal advisor.  Neither Cetera Advisor Networks LLC nor any of its representatives may give legal or tax advice.
Schwartz Financial Associates, Inc and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.

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