I'm probably not typical, but I don't find Form 2210 or Schedule AI particularly complicated.
Also, if you are anywhere close, the penalties and interest aren't that much.
As said for some it is no big deal. For others it creates a deathly fear that is almost never needed unless filer was knowingly filing incorrectly. But another part is how far into the form you need to go. It has some challenges if you have to go completely through. But reality is many fear it.
I don't know if any one cares but my wife filed taxes a few weeks ago (certified CPA in Mass, has worked as Controller for several higher end biotech companies) and we were unable to file it under 'gambling winnings', which prevented us from filing 'gambling loses' due to the fact that Gate City had the form under 'additional income'......pretty frustrating tbh.
In the future does anyone know if I can ask Gate City to tax the high hand 'winnings' prior to giving them to me?
I don't know if any one cares but my wife filed taxes a few weeks ago (certified CPA in Mass, has worked as Controller for several higher end biotech companies) and we were unable to file it under 'gambling winnings', which prevented us from filing 'gambling loses' due to the fact that Gate City had the form under 'additional income'......pretty frustrating tbh.
In the future does anyone know if I can ask Gate City to tax the high hand 'winnings' prior to giving them to me?
They can't tax it when giving it to you because all they can possibly do is "withhold" an estimate of what the tax owed might be. It still needs to be finalized when you file your taxes at the end of the year anyway.
1099G yes? If not then you'd have to ask them to issue a corrected 1099.
The issue could also be how they classify Promotional Awards per Gaming Regs and State Regs. While you do need to play poker to be eligible for a Promotional payout they may not classify the payment as earned via a 'gamble'.
The wife can find out for sure .. you've got 3 years to modify? Pretty sure .. GL
