In the state of Ohio can I deduct gambling losses if they are less than my winnings on my state taxes. Like you can federal

Forum|Forum|1 year ago
December 29, 2024
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Best answer by Hal_Al

Q. In the state of Ohio can I deduct gambling losses if they are less than my winnings on my state taxes.

A. No.

Essentially, Ohio does not have "Itemized" deductions, like the federal return. There are some deductions on the Ohio Schedule of Adjustments. Everybody gets them (unlike federal, you do not have to choose between standard and itemized). Gambling losses is not one of them. The Ohio equivalent to the Federal "Standard Deduction" is the "Exemption" amount (line 4 on form 1040). Everybody gets both the exemption amount and any deductions, they are eligible for, on the schedule of adjustments.

Hal_AlAnswer

Employee

Q. In the state of Ohio can I deduct gambling losses if they are less than my winnings on my state taxes.

A. No.

Tuckermank03Author

Ok thank you for your reply!

On Ohios website I just found "Ohio’s income tax calculation begins with federal adjusted gross income. Federal itemized deductions are taken on federal Schedule A after the computation of federal adjusted gross income. Some common examples of federal itemized deductions include: gambling losses, real property taxes, mortgage interest, and casualty and theft losses."

So would this mean Ohios income tax starts after all of my federal deductions? Which meaning gambling losses would be calculated into my federal adjusted gross income? I appreciate your help

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

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.**