Quote:
Originally Posted by 413AceKing
Hit just over $1200 on slots the other day. Never really played before so i don't know. I filled out the papers, the lady told me not to take out the taxes and take the full amount. Was that the right thing to do? Since I didn't take it out, how much of a hit should I expect during taxes next year? MA resident btw.
If by "the other day", you mean this year, you've got a year to figure it out.
$1200 isn't a big amount, probably $300 or so Federal unless you already itemize and can offset with losses.
However, you'll have to file a CT State return, in addition to MA. Good news is in MA, you exclude income not earned in MA from your state return, so no impact there, but you have to pay something to CT.