W2G versus 1099 MISC?

Cooling Heels · #1 02-21-2007, 04:28 PM

I received a W2G form a few years ago for a Bad Beat JP and applied some gambling losses against the amount on my 1040. This year, a different room sent me a 1099-MISC instead of a W2G for a JP. I tried to apply a gambling loss on the deductions form, but the tax software tosses it out when doing the final Error Check.

Is this a fault with H&R Block Tax software, or is a JP on a 1099-MISC form not considered gambling income?

This must be a common situation, but the search function didn't yield anything conclusive.

thx

MiltonFriedman · #2 02-21-2007, 06:21 PM

Try telling the software it was a W2G, then print out the return and correct that piece of information, sign it and mail it in.

Poker CPA · #3 02-21-2007, 06:30 PM

This could work but you need to correct what was given to the IRS. The "room" needs to file the proper form with the IRS. You have to call the "room" to get it right. GL

MiltonFriedman · #4 02-21-2007, 06:35 PM

Why ?

He is reporting the income properly.

Poker CPA · #5 02-21-2007, 06:54 PM

The IRS matching Progam. They a 1099 Misc on file not a W2G.
He reported correctly but now he has to fight the IRS computers. Loads of Fun. GL

Cooling Heels · #6 02-21-2007, 06:58 PM

The IRS has received a 1099-MISC from the casino, so the IRS software will notice and sent me a nasty letter if I don't report the income.

The H&R software copies the income to line 21 "other income"and labels the entry PRIZES,AWARDS. I'm worried about the software being correct and JP's no longer being treated as gambling winnings.