Free tool

Phantom income calculator

A quick read on how the 90% loss-deduction cap changes taxable gambling income. Useful for scoping a client conversation before any documents change hands.

Enter the year's totals
Deductible losses (90% cap, limited to winnings)$90,000
Taxable gambling income$10,000
Of which is phantom income from the 10% haircut$10,000

An estimate for a single-year federal calculation only — automated bookkeeping, not tax advice. A licensed CPA should review before filing.

Run this against real documents

Filing for yourself rather than for clients? See the individual side