Ask a CPA

Generally, Keno winnings are reported on Form W-2G to the IRS if they are $1,500 or more reduced by the wager amount.

Generally, slot machine winnings are reported on Form W-2G by the payer if the winnings are $1,200 or more.

Generally, bingo winnings are reported on Form W-2G from the payer to the IRS if the amount is $1,200 or more.

Generally, backup withholding applies to slot machine winnings and bingo for winnings of $1,200 or more. The amount of the winnings and withholding will be reported on Form W-2G.

If you do not provide your taxpayer identification number to the payer, the payer will not withhold tax. Winnings from slot machines, bingo or keno are not subject to the 28% income tax withholding rules. If you do not provide your taxpayer identification number to the payer, the payer will withhold tax at the 31% backup withholding rate.

If the filing status you are using for filing your individual income tax return is "married filing separately” and your spouse itemizes his or her deductions, and then you must use your itemized deductions even if your standard deduction exceeds your itemized deductions.

If you lived apart from your spouse and your child lived with you for most of the year, you may qualify as unmarried head of household if the following criteria are met.
Your spouse was not a member of your household during the last 6 months of the year. You provided over half the cost of keeping up the household. You maintain your home as the principal place of abode for your child, stepchild or adopted child for more than half of the year.
You are entitled to claim the child as a dependent. Speak to your local CPA if you still have a question about your filing status on your tax return.

An employee or self-employed individual may deduct as an adjustment to gross income the costs of moving him or herself and his or her family from one location to another. The move has to be related to starting work in a new location and the amount claimed has to be reasonable. In order to claim this deduction the distance between the new job location and your old house location must be at least 50 miles or more than the distance between your old job location and your old house. Also you must work in a locality of the new job as a full time employee for a tleast 39 weeks during the twelve month period immediately following your arrival at the new job location. The deduction is claimed on IRS Form 3903.

You are not liable for the late filing penalty if you filed a Federal extension Form 4868. You are possibly still liable for a late payment penalty and interest amount if an underpayment exists.

Risk in the most basic sense is the chance of financial loss. Inflation erodes your purchasing power. Inflation risk is the chance that your savings lose purchasing power due to the steady increase in the cost of goods and services over time. Inflation is is a major threat for investors with a long time horizon.
These investors may want a large portion of their investment portfolios invested in securities that historically have outpaced inflation by a decent margin. Generally these investments are in common stock or common stock mutual funds.