Can I file casino winnings separate from my regular income tax? Or must everything be filed at once?

Jan 25, 2019
askacpaicon

I have some W-2G forms from casino winnings, but I also have a W-2 from my job. Am I able to file the W-2G forms now and the rest of my items before April 15? Or am I only allowed to file my taxes one time during the year?

Your taxes are filed on a Form 1040. That is for all of your income. There are many items on the tax return that interact with other items. Therefore, when you file, you must file a complete return. If you file an incomplete return, you would then be required to file an amended return, which would include the items that were left out of the original return. If you file an incomplete return and receive a refund based upon that, you may be required to repay that refund once the full return is filed, possibly including penalties and interest.

For more resources, check out PICPA’s Money & Life Tips, Ask a CPA, or CPA Locator.

Answered by: David A. Caplan, CPA, is a sole practitioner in Lafayette Hill, Pa.

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