Federal tax gambling winnings losses standard deduction

broken image
broken image

The deductions you enter do not necessarily count “dollar for dollar ” many of them are subject to meeting tough thresholds-medical expenses, for example, must meet a threshold that is pretty hard to reach. Your itemized deductions have to be more than your standard deduction before you will see a change in your tax owed or tax refund.

broken image
broken image

Remember that there are limits and thresholds that must be met when you enter itemized deductions.

broken image