how will casino winnings affect ss benefits?

susie100July 26, 2009

Hi, all, not sure if this is the right board to post this on; however, I recently went on a family vacation with a stop in Atlantic City, where I won a few thousand playing slots. I know these winnings are reported to the IRS and have to be included in my tax return. My question is, how will these winnings affect my social security benefits and personal exemption? Thanks for any input.

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susie100

I am the OP. I went to the SS office. Casino winnings do not effect SS benefits. Only earned wages impact SS. Casino winnings are listed on the tax return as "other ...." and taxed accordingly. The tax burden on this kind of money is something I am now looking into.

    Bookmark   July 29, 2009 at 12:03PM
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joyfulguy

Being resident of a different country, I have no advice to offer with regard to the issue raised.

But your question wouldn't affect me, were I a resident of the U.S.

Twenty years a clergyperson, ten of them helping refugees get back on their feet after a nasty war ...

... and 25 years a personal financial advisor ...

... I don't visit casinos.

Don't buy lottery tickets.

They're great for the owners of the system ... not so hot for the participants.

Question: What's a government-sponsored gaming system?

Answer: A voluntary tax on the stupid.

Have yourself a great, prosperous summer.

ole joyful

P.S. As the casino winnings are in the nature of being a personally-operated business ...

... do they allow you to deduct the cost of all of your losses?

Do they allow you to deduct (at least a portion of) the cost of travel from your home to A C to pursue that business? Hotel room while there?

    Bookmark   August 1, 2009 at 11:18AM
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hendricus

... do they allow you to deduct the cost of all of your losses?

Yes, according to my 2008 tax program, up to the amount of your winnings. You can not deduct any losses till you win.

And no, you can't deduct travel or other expenses.

    Bookmark   August 7, 2009 at 10:05AM
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