If you itemize instead of taking the standard deduction, you can deduct gambling losses up to the amount of your winnings.To enter your gambling losses:Go to My Account > Tools > Topic SearchType gambling loss in the search box and click Go.When it asks did you win money or prizes, click Yes.If you have a w-2G, click enter W-2G. If not, click skip W-2G.Any other gambling winning? Answer Yes or No.The next screen will ask for your gambling losses. (amount cannot be more than the amount of the winnings)

Question

I received a 1099-misc for gambling winnings. However, I had gambling loses to offset this. Where do I report the loses?

Forum|Forum|7 years ago
June 6, 2019
1 reply
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TurboTax Deluxe Online

T

Tonita

Employee

If you itemize instead of taking the standard deduction, you can deduct gambling losses up to the amount of your winnings.

To enter your gambling losses:

Go to My Account > Tools > Topic Search
Type gambling loss in the search box and click Go.
When it asks did you win money or prizes, click Yes.
If you have a w-2G, click enter W-2G. If not, click skip W-2G.
Any other gambling winning? Answer Yes or No.
The next screen will ask for your gambling losses. (amount cannot be more than the amount of the winnings)

D

Dooberdoo

I'm entering the W2G's in turbo tax but once finished - I get the message that the entry needs to be reviewed and the winning amount doesn't count as a winning?

X

xmasbaby0

Employee

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/

https://ttlc.intuit.com/questions/1900352-can-i-deduct-my-gambling-losses

2020 Standard Deduction Amounts

Single $12,400 (+ $1650 65 or older)

Married Filing Separate $12,400 (+ $1300 if 65 or older)

Married Filing Jointly $24,800 (+ $1300 for each spouse 65 or older)

Head of Household $18,650 (+ $1650 for 65 or older)

**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.**