Federal gross income is all income from whatever source derived, except from those sources specifically excluded by the IRC. Full Amount of Gambling Winnings Included in Massachusetts Gross Incomeįor purposes of the personal income tax, Massachusetts gross income is federal gross income as defined under the IRC of January 1, 2005, with certain modifications not relevant here.Income Tax Calculation Rules Relating to Gambling Income

This TIR sets forth the statutory changes included in the 2015 Act. 62 and 62B.Ī second statutory change, the 2015 Act, effective March 31, 2015, has now further amended the personal income tax and withholding statutes by modifying the income calculation rules regarding winnings and losses from specified wagering activities and by adopting new withholding and reporting thresholds for different types of wagering. The Expanded Gaming Act amended various tax statutes with regard to wagering activity, including the General Laws relating to Massachusetts personal income tax and withholding, G.L. In addition, the Massachusetts Gaming Commission assumed all regulatory duties and responsibilities for the state’s horse racing industry. The Expanded Gaming Act authorized the Massachusetts Gaming Commission to license one casino in each of three regions in the state, and a single slots parlor. 23K to the General Laws, which provides for expanded gaming in Massachusetts under the jurisdiction of the Massachusetts Gaming Commission. BackgroundĪn Act Establishing Expanded Gaming in the Commonwealth (the Expanded Gaming Act), effective November 22, 2011, added new G.L. These changes do not affect income calculation, withholding, or reporting rules for lottery winnings, including winnings from the Massachusetts state lottery. 23K is required to check winnings against outstanding child support obligations or outstanding tax liabilities. increase the dollar threshold at which a gaming establishment governed by G.L.adopt new income tax withholding and reporting requirements for certain gambling income and.23K or a 'racing meeting licensee or simulcasting licensee' , for purposes of calculating Part B taxable income under the Massachusetts personal income tax laws, but only to the extent of winnings from such establishments

allow a deduction for losses from wagering transactions incurred at a gaming establishment licensed under G.L.

This Technical Information Release (TIR) explains changes to the personal income tax calculation, income tax withholding, and income reporting rules with respect to wagering income that are contained in Chapter 10 of the Acts of 2015 (the 2015 Act).

Gambling winnings reported to irs