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Submitted By: someone
Answered: April 6, 2021 11:36 pm
Answered: April 6, 2021 11:36 pm
If I take the standard deduction, can I deduct gambling losses?
No. Gambling winnings must be reported as income, but gambling losses are deductible only as an itemized deduction. There is no dollar limit on the write off but it’s limited to the extent of the gambling winnings.
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Tax Glossary
Lump-sum distribution
Payments within one tax year of the entire amount due to a participant in a qualified retirement plan. Qualifying lump sums may be directly rolled over tax free, or, in some cases, are eligible for current tax under a favorable averaging method.
