[the_fat_man]

Originally Posted by Seattleallstar

I failed to report my taxable winnings from horse racing, now i have penatlies to pay. My question is i got my account summary and it obviously shows I lost much more than what I won, will it offset the gambling income and ill just owe for the penalty?

Any help or advice would be greatly appreciated

If, in fact, you lost for the year, why would you pay a penalty?