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How to add gambling losses to my tax amendment ?

I’m trying to do itemized. & I do not see where I can add and itemize my losses.
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3 Replies
rjs
Level 15
Level 15

How to add gambling losses to my tax amendment ?

After you finish entering your gambling winnings in the income section, continue through the screens. You will come to a screen that asks you to enter your gambling losses. If you already entered gambling winnings, go back to the gambling winnings topic to get to the gambling losses screen. You can only deduct gambling losses up to the amount of your winnings.

 

How to add gambling losses to my tax amendment ?

gambling losses will produce no benefit unless your itemized deductions exceed your standard deduction

How to add gambling losses to my tax amendment ?

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.**

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