Where to Report W-2G if File Taxes as a Business

[Midwest Player]

filing as a business would be overkill.

No KJ, I don't think filing as a business is overkill. Even though Russel Fox said filing as a business involves having to pay self employment tax, there are some additional taxes for retired folks that maybe be over looked. Okay, you have to run the numbers which I haven't done.

The additional tax is on high earners who have to pay more for their Part B and Part D Medicare premiums. I don't know if you ever heard of above and below the line, but these taxes are based on adjusted gross income which is above the line while itemized deductions are below the line. If I included my gambling winnings in other income it becomes part of my adjusted gross income, and my MAGI would be in the $266,000 to $334,000 range. I would have to pay an additional $220 every month for my Part B and Part D premiums. If you file as a business (Sch C) both winnings and losses are above the line and you don't have this problem.

KJ, you seem to think I'm some kind of idiot when it comes to taxes. I majored in accounting in college and took both individual and corporate income tax courses which were an easy Ace for me. I'm no tax expert, but I do know a lot about income taxes which Rob Singer thinks everyone he is clueless.

Here is a link to these taxes for folks on Medicare.
https://www.ssa.gov/benefits/medicar...-premiums.html

[kewlJ]

KJ, you seem to think I some kind of idiot when it comes to taxes. I majored in accounting in college and took both individual and corporate income tax courses which were an easy Ace for me. I'm no tax expert, but I do know a lot about income taxes which Rob Singer thinks everyone he is clueless.

Here is a link to these taxes for folks on Medicare.

I don't think you are an idiot at all MWP. I don't know where that comes from. Don't confuse or lump me in with some of the folks at Normy's forum that give you a hard time. You are ok with me.

You should look into what is most beneficial for you. Absolutely. I am just saying that I am not sure that should involve asking people on an internet message board. And I can answer the very most simple question as I initially did, but anything more than that, I am not your guy. There is a reason why I pay an expert in the field I am involved with....because I am not an expert. The only thing I will say is don't be overly concerned with that W-2G. It isn't any kind of red flag that it seems you are thinking it is.

Again I am very glad to hear you had such a good year, your 3rd best in 39 years, I think I read. And good luck with your taxes and keeping as much of it as you can.

[MDawg]

If there's ever been anybody more incapable of trying and trying to change other people's opinions about himself, that person hasn't been born yet.