Phil,
I'm not a tax attorney or cpa but i have a good amount of experience dealing with this. It is 1199 not 2000, for the w2g and state taxes are automatically deducted(for which you cannot claim a loss against) Which makes it confusing if you have multiple signers from multiple states, having to file in every state. You then have the option of allowing the casion to take out the withholding tax. Your right it does raise an audit flag, but so do other things and if your winning enough money for it to raise a flag, then its a good thing not a bad thing. Audits aren't that bad(minus the time consuming numbing bull **** that the irs puts you) through and as long as your on the up and up youll be fine. As far as the adjusted income, your right and thats completely crap. I dont agree with the IRS at all on a many gambling propositions and how they tax it. In my view, they shouldn't tax it at all as the money has already been taxed once.
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06-05-2007, 02:16 PM
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