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February 15, 2025
Question

I paid federal taxes and my win/loss offset. Why am I not getting full amount back?

  • February 15, 2025
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    Employee
    February 15, 2025

    Gambling

    To enter the W-2G  or other documents For your Gambling winnings--Go to Federal>Wages & Income>Less Common Income>Gambling Winnings

    You can enter your winnings, and then keep clicking through the interview to enter gambling losses.

     

    https://www.irs.gov/help/ita/how-do-i-claim-my-gambling-winnings-and-or-losses

     

    Gambling winnings are taxable income.  Losses are an itemized deduction.  If you do not have enough itemized deductions to exceed your standard deduction, your losses will have no effect.

    https://blog.turbotax.intuit.com/income-and-investments/how-are-gambling-winnings-taxed-8891/

     

     

    2024 STANDARD DEDUCTION AMOUNTS

    SINGLE $14,600    (65 or older/legally blind + $1950)

    MARRIED FILING SEPARATELY    $14,600    (65 or older/legally blind + $1550)

    MARRIED FILING JOINTLY $29,200    (65 or older/legally blind + $1550)

    HEAD OF HOUSEHOLD $21,900    (65 or older/legally blind + $1950)

     

    **Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**