Gambling drawing winning received 1099 not W-2G

12 replies
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2023 tax return questions
I received a 1099-misc for prize winning at the casino. I have much more losses at the
casino that exceeded the value of the cash prize. This year I filed itemized deductions
option because itemized deductions exceeded the standard deduction. I reported
1099-misc as income, but I couldn’t find where to report as a loss for that amount on
the TurboTax online. Therefore I sent it without claiming as a loss. According to my
friend (CPA), I should have recorded same as W-2G loss. My win/loss statement
shows I lost many times more. I am aware I can only deduct the loss amount up to the
winnings. Should I file an amended return? If I can report 1099-misc same as W-2G,
the difference will be approx. $1600 (refund) .Thank you so much for your help.

TurboTax Deluxe Online

DoninGAAnswer

Level 15

Did you use the section in TurboTax to report Gambling Winnings? If so, you were also asked to enter your losses which would have reported on Schedule A as Other Itemized Deductions on Line 16.

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

DoninGA

Answer

Level 15

Did you use the section in TurboTax to report Gambling Winnings? If so, you were also asked to enter your losses which would have reported on Schedule A as Other Itemized Deductions on Line 16.

To enter, edit or delete Gambling Winnings and Losses -

bentakAuthor

Level 2

Dear Donin

Thank you so much for your help.

DianeW777

Alumni - Intuit

Yes, you should file an amendment if you itemized deductions and did not enter your losses.

You will be able to access and file an amended return now (Form 1040-X). Be sure to read all the instructions carefully, before you begin, so that TurboTax knows the original numbers and the changed numbers for your amendment.

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