How much you'll owe in taxes

To estimate how much you'll owe in taxes, let's break down your situation step by step. We will calculate your federal tax liability and Connecticut state tax liability.

Federal Taxes

1. Adjusted Gross Income (AGI):

Job income: $27,890
Gambling winnings: $10,000 AGI = $27,890 + $10,000 = $37,890

2. Deductions:

You likely qualify for the standard deduction, which is $13,850 for single filers (2023 values—this may adjust slightly for 2024).

3. Taxable Income:

Taxable Income = AGI – Standard Deduction = $37,890 – $13,850 = $24,040

4. Federal Tax Brackets (2023 Single Filer):

10% on the first $11,000 = $1,100
12% on income from $11,000 to $24,040 = $1,560 Total Federal Tax = $1,100 + $1,560 = $2,660

5. Tax Credits and Withholding:

Withheld Taxes: $3,491 Based on these rough calculations, you'll likely get a federal refund of about $831.

Premium Tax Credits Adjustment

Your eligibility for premium tax credits was calculated based on an income of $28,000. With an actual income of $37,890, you may have to repay some of the premium tax credits. This will depend on the income threshold and sliding scale for your marketplace plan.

Let me know your household size and the marketplace plan details so we can refine this part.

Connecticut State Taxes

1. Income Subject to Tax:

Job income + Gambling winnings = $37,890
Connecticut allows deductions for gambling losses (up to the amount of winnings). If your gambling losses = $10,000, your taxable income may drop to $27,890.

2. State Tax Brackets (2023):

For $27,890:

3% on the first $10,000 = $300
5% on income above $10,000 = $893.50 Total State Tax = $300 + $893.50 = $1,193.50

3. Estimated State Taxes:

Assuming you haven't had much withheld for state taxes, you might owe approximately $1,193.50.

Summary Estimate

Federal Taxes: Likely a refund of ~$831 (pending premium credit adjustment)
State Taxes: Likely to owe ~$1,194