Return to the Retirement Forum | Post a Follow-Up

 o
how will casino winnings affect ss benefits?

Posted by susie100 (My Page) on
Sun, Jul 26, 09 at 13:22

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.


Follow-Up Postings:

 o
RE: how will casino winnings affect ss benefits?

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.


 o
RE: how will casino winnings affect ss benefits?

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?


 o
RE: how will casino winnings affect ss benefits?

... 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.


 o Post a Follow-Up

Please Note: Only registered members are able to post messages to this forum.

    If you are a member, please log in.

    If you aren't yet a member, join now!


Return to the Retirement Forum

Information about Posting

  • You must be logged in to post a message. Once you are logged in, a posting window will appear at the bottom of the messages. If you are not a member, please register for an account.
  • Posting is a two-step process. Once you have composed your message, you will be taken to the preview page. You will then have a chance to review your post, make changes and upload photos.
  • After posting your message, you may need to refresh the forum page in order to see it.
  • Before posting copyrighted material, please read about Copyright and Fair Use.
  • We have a strict no-advertising policy!
  • If you would like to practice posting or uploading photos, please visit our Test forum.
  • If you need assistance, please Contact Us and we will be happy to help.


Learn more about in-text links on this page here