GREENSBORO, N.C. — You now have one month to file your taxes. Tax Day 2024 is Monday, April 15. With time ticking down, 2 Wants To Know is helping you by giving you a one-on-one with tax experts, are you ready? You can text in your question to 336-379-5775 and watch from 5:30 pm to 6 pm as the experts answer your questions.
Kevin Robinson with Robinson Accounting and Tax Services as well as Mark Steber from Jackson Hewitt Tax Prep Services join us today.
WHEN SHOULD YOU FILE MARRIED JOINTLY VS MARRIED SEPARATELY?
Usually, Married filing jointly is the best option for couples. It usually gives the lowest taxes owed or the biggest refund and all of the tax credits. But if both earn about the same amount of money, filing separately may put each one in a lower tax bracket and therefore be better overall.
It's worth running the numbers both ways just to see how the money comes out.
CAN I CLAIM MY PARENTS IF THEY LIVE WITH ME?
"You can claim your parent. That will qualify you for Head of Household and a higher standard deduction and lower tax rate and I see that a lot with elderly parents, the child is taking care of that parent," said Ryan Dodson of Stanaland, Dodson & Associates, Certified Public Accountants.
The IRS has an entire page dedicated to questions about caregivers claiming their parents as dependents. Chances are your specific question is answered there.
SPORTS BETTING AND TAXES
A W2-G form is sent to you by the gaming organizations if you win money. While there are thresholds that need to be reported:
$1,200 on a slot machine
$1,200 at Bingo
$1,500 in a Keno jackpot
$600 on a sports bet if your payout is at least 300 times your wager
The W2-G form mailed to you from the casino, the cruise ship, or the betting app is also mailed to the IRS as well. Even if you don't get a form in the mail, because the winnings didn't meet the form threshold, you still need to claim the money.
The IRS says this about gambling winnings: You must report all gambling winnings including winnings that aren't reported on a form W2-G.
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