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I need to amend 2021 taxes to add gambling win /losses. I need to itemizes my deductions. Can I do this with Turbo tax? What forms are required?

Can I file a 1040X?
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I need to amend 2021 taxes to add gambling win /losses. I need to itemizes my deductions. Can I do this with Turbo tax? What forms are required?

https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/amend-change-correct-return-a...

 

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

 

 

 

 

2021 STANDARD DEDUCTION AMOUNTS

 

SINGLE $12,550  (65 or older + $1700)

 

MARRIED FILING SEPARATELY $12,550  (65 or older + $1350)

 

MARRIED FILING JOINTLY $25,100  (65 or older + $1350 per spouse)

 

HEAD OF HOUSEHOLD  $18,800  (65 or older +$1700)

 

Legally Blind + $1350

 

**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.**
JohnB5677
Expert Alumni

I need to amend 2021 taxes to add gambling win /losses. I need to itemizes my deductions. Can I do this with Turbo tax? What forms are required?

TurboTax certainly can do a 2021 amended tax return. However, 

  • Did you do your original return in TurboTax.
  • If not, it is best to stay with the original software.
  • You will have to recreate the original tax return before you can start the amendment.
  • This will be time consuming, and you may not remember exactly what you did.
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