Tax guide

Are there taxes for sports gambling?

Sports gambling winnings are subject to income tax and you must report them on your tax return, even if you don’t receive tax documentation for the gambling income.

Gambling agencies aren’t required to report your winnings unless you win at least 300 times what you bet and that amount is over $600 (or otherwise subject to federal income tax withholding). You, however, are required to report any and all winnings on your personal tax return.

You may be required to pay estimated tax payments if the agency did not withhold Social Security or Medicare taxes.

Reporting your gambling winnings is simple; just find the “Other Income” line on your Form 1040 and report the amount there. If you lost money gambling, you may be able to deduct that amount—losses can be claimed as an itemized deduction on Schedule A.

Still have questions?

You got it. We’re always here to help.

Here's what we found in our blog for file online with 1040.com:

Keeping You Safe with e-File

E-filing is the safest way to handle your taxes. Here's why.

Read

Help Before You File

Confused about e-filing your taxes? Speed up your return filing with these tax tips.

Read

Help Before You File

Some common mistakes on income tax returns - and how to avoid them.

Read

4 Things to Know About Online Banking

Heard the online banking buzz? Though traditional banks have their strengths, let's see what this online bank trend has to offer.

Read

How e-File Protects your Tax Refund

Filing your taxes online is actually the safest way to handle your tax return, according to the IRS. Here's why!

Read

Make Personal Finances Part of Your Online Routine

With the advent of online banking, it ought to be easier than ever to monitor the status of our personal finances. No surprises, right? According to a recent survey by the American Institute of Certified Public Accountants, that's not the case for a significant number of taxpayers. The survey, conducted by Harris Interactive for the AICPA, found that more than half of the young adults (18 - 34 years old) they checked their social media accounts at least once a day (7.5 times was the average). The downside? Only 17 percent of them checked their bank accounts daily.

Read

What Do Clean Water and Online Taxes Have in Common?

Both 1040.com and Healing Waters International take the basics to the next level. Check out our video to see how.

Read

Calculate Your Health Care Costs

Use our handy online calculators to see what your costs will be - and what your costs will be for health insurance - and what your penalty might be if you don't have it.

Read

It’s not too good to be true. See what others are saying about filing taxes online with 1040.com