Gambling Income- Could You Owe More in Taxes This Year?
Could you possibly owe more Oklahoma taxes as a result of your gambling income? Due to recently announced changes to the Oklahoma itemized deduction calculation for individuals, the method you use to track your gambling winnings and losses could result in substantially more state income tax due than in prior years. The Problem Beginning in 2018, Oklahoma itemized deductions, without regard to medical and charitable deductions, are now capped at $17,000. In other words, your