Gambling Income Tax Calculator

Enhanced Version

 

 

For Taxpayers with Complex Tax Returns for the 2019 Tax Year

 

Gambling Winnings and Losses

 




 

Other Information

 







 

 

Non-Gambling Income and Adjustments

 





































 

 

Itemizable Deductions

 











 

 

 

 



























 

 

Nota Bene:

This calculator computes only an estimate of the income tax on gambing winnings for individuals with fairly complex tax situations. This calculator is best for individuals who have dividend or capital gains income, rental property income, self-employment income, farming income, who receive Social Security benefits, or have made contributions to a traditional IRA. There is a basic version of this calculator which meets the needs of indivduals with simpler tax situations.

In addition, this calculator does not factor in the impact of gambling winnings on tax credits. Some tax credits, such as the child tax credit, are reduced or eliminated for higher income families. Should gamblings winnings push a family's income beyond the phase-out threshold, then reduced or eliminated tax credits will increase the impact on taxes beyond that from higher taxable income due to the gambling winnings. In those situations, this calculator under-estimates the tax impact of gambling winnings. Furthermore, the alternative minimum tax (AMT) is not accounted for in the computation of the estimated tax. If your tax situation is such that gambling winnings trigger the AMT, this calculator will not detect that or show that additional tax.