March Madness: Tax Tips for Gambling Income and Losses

Timely financial advice from a source you can trust: The Editors of Kiplinger's Personal Finance. [VIEW IN BROWSER]( [Kiplinger Special Report]( TIPS TO TRIM YOUR TAXES [March Madness: Tax Tips for Gambling Income and Losses]( [March Madness: Tax Tips for Gambling Income and Losses]( For the next few weeks, millions will be tuning in to -- and betting on -- the men's college basketball tournament. If your bracket wins you some cash, don't forget about Uncle Sam's cut. Plus: [Does Your Favorite NFL Team Have an Advantage in Free Agency Because of Taxes?]( [READ MORE]( [7 Free Programs for Filing Your Taxes]( Before you start plugging your numbers into any program, read the fine print and disclaimers. Some providers offer a free federal tax return but charge a hefty price for a state tax return. Plus: [Can You Tell If These Tax Deductions Are Legit?]( [READ MORE]( FEATURED SPONSOR FROM THRIVENT [How to go from paying taxes to paying yourself.]( [How to go from paying taxes to paying yourself.]( Being smart with taxes today can pay off tomorrow. Use your refund to invest in a Traditional IRA. No refund? No problem. Contributing to a Traditional IRA may even reduce your current tax obligation.[Advertisement] [READ MORE]( [11 Strangest Ways States Tax You (And Don't)]( Think the federal tax code is complicated? There's an even larger patchwork of taxation schemes crafted by 50 state legislatures, all coming up with new ways to extract coin from their citizenry (or create social policy through tax breaks). Plus: [9 States with No Income Tax](. [READ MORE]( [How the Tax Cuts and Jobs Act Will Impact Tax Planning in 2019 and Beyond]( Most taxpayers are only now really grasping the effects of the 2017 law, says financial planner Casey Robinson. Moving forward, there are opportunities and pitfalls to take into account for 2019. Plus: [8 Tax Deductions Eliminated (or Reduced) Under the New Tax Law](. [READ MORE]( [14 States That Won't Tax Your Pension]( But just because a state doesn't tax your pension doesn't mean it won't tax some other form of income you're counting on in retirement. Make sure you check out a state's overall tax environment for retirees before relocating there for your golden years. Plus: [How All 50 States Tax Retirees](. [READ MORE]( [Is There an Unclaimed Tax Refund Waiting for You?]( The IRS has $1.4 billion in refunds from 2015 waiting to be claimed. See if any of that money could be yours. Plus: [10 Surprising Things That Are Taxable](. [READ MORE]( ALSO ON KIPLINGER [Don't Be Afraid to Do Your Own Taxes]( [What Your Tax Preparer May Not Want You To Know]( [3 Lost Tax Deductions That Might Surprise You]( [Kiplinger] [Facebook]( [Twitter]( [Link In]( [Google+]( [Tumbler]( All content ©2019 The Kiplinger Washington Editors 1100 13th Street, NW, Suite 750 Washington, D.C. 20005 You are on our Tax Tips mailing list. To manage your e-mail preferences or unsubscribe, [click here]( select which e-mails you wish to receive, and click the update button.