Question

How do I itemize my gambling winning and losses

Forum|Forum|4 years ago
February 19, 2022
1 reply
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I need help with my gambling winnings and losses

Itemizing

only forms with withholding need to be entered separately. winnings get reported as income. losses are only deductible to the extent of winnings and also only deductible if you itemize.

O

OBrwn223Author

So everything that i won do I get all that back?

Hal_Al

Employee

Q. So everything that I won, do I get all that back?

A. No.

You may only deduct gambling losses up to the amount you won. That is, you may not show a net loss. In addition, the losses are only deductible as an itemized deduction. If all your itemized deductions do not exceed your standard deduction, you will get no offset from your winnings. In TurboTax(TT), after entering your W-2G info, TT will ask you about losses. Enter at that screen and TT will place it on schedule A.

If your W-2G (or other tax document) showed income tax withholding (box 4), TT will give you credit for that to reduce your overall income tax. You may or may not get some of it back.