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I have to amend my 2022 taxes to show gambling income, I have done that but can I show gambling losses somewhere? Thanks in advance

 
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I have to amend my 2022 taxes to show gambling income, I have done that but can I show gambling losses somewhere? Thanks in advance

Gambling losses can only be deducted up to the amount of the gambling winnings.
Gambling winnings are reported on Form 1040 Schedule 1 on Line 8b. The amount from Part I of Schedule 1 Line 10 flows to Form 1040 Line 8.
Gambling Losses are reported on Form 1040 Schedule A as a Other Itemized Deductions. Gambling losses are not a one-for-one reduction in winnings. Your total itemized deductions reported on Form 1040 Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.


To enter, edit or delete Gambling Winnings and Losses -

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Less Common Income
On Prizes, Awards, and Gambling Winnings, click the start or update button


Or enter w2g in the Search box in the upper right of the program screen. Click on Jump to w2g

I have to amend my 2022 taxes to show gambling income, I have done that but can I show gambling losses somewhere? Thanks in advance

If you have entered your Gambling Winnings in the correct section of the program, after you have entered your winnings there will another screen that asks Let us know if you had any gambling losses in 2024.  You should have entered your losses on that screen.

rjs
Level 15
Level 15

I have to amend my 2022 taxes to show gambling income, I have done that but can I show gambling losses somewhere? Thanks in advance

Since gambling losses are an itemized deduction, the losses will not reduce your tax unless your total itemized deductions are more than your standard deduction.

 

I have to amend my 2022 taxes to show gambling income, I have done that but can I show gambling losses somewhere? Thanks in advance

Unless your itemized deductions exceed your standard deduction, the gambling losses have no effect.

 

 

2022 STANDARD DEDUCTION AMOUNTS

 

SINGLE $12,950  (65 or older + $1750)

 

MARRIED FILING SEPARATELY $12,950  (65 or older + $1750)

 

MARRIED FILING JOINTLY $25,900  (65 or older + $1400 per spouse)

 

HEAD OF HOUSEHOLD  $19,400  (65 or older +$1750)

 

Legally Blind + $1750

 

**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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