Solved
I have some w-2g gambling winnings. I have an equal amount of losses. When I enter the w-2g winnings and the losses, Im still paying tax on the New york State portion?
No text available
Gambling winnings are a tough subject when it comes to the tax they generate. You need to report the income and it will be reported on line 21 of the 1040. The IRS allows you to deduct your losses, but only to the extent of the winnings, and it is reported on Schedule A. If you don't have enough to itemize, the losses will not be considered.
You might be able to deduct the losses on your federal return, but you cannot eliminate the state tax liable on the winnings.
To enter the loss, type gambling losses into the search box
Click "Jump to gambling losses"
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.
©1997-2022 Intuit, Inc. All rights reserved.
Intuit,
QuickBooks, QB, TurboTax, ProConnect, and Mint are registered
trademarks
of Intuit Inc. Terms and conditions, features, support, pricing,
and service options
subject to change without notice.
Security
Certification of the TurboTax Online application has been
performed by
C-Level Security.
By accessing and using this page you
agree to the
Terms of Use.
Accessibility
