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Level 2
January 1, 2021
Question

gambling losses vs winnings

My 2020 turbo tax premier indicates it is up to date.  But it just, in a return using standard deduction, netted gambling losses and winnings...  ie, it showed the difference between the two on 1040 as gambling losses.

is this a know problem?

    4 replies

    DoninGA
    Level 15
    Level 15
    January 1, 2021

    It is showing the net of winnings and losses on the Wage & Income page, however on your actual tax return only the winnings are reported on Form 1040 Line 8 and Schedule 1 Line 8.  Click on Forms to view your tax return.

     

    This will be reported to the TurboTax Moderators of the forum.

    loyknightAuthor
    Level 2
    January 1, 2021

    yes you're correct.. but why show misleading numbers???  misleading...at best

    DoninGA
    Level 15
    Level 15
    January 1, 2021

    @loyknight wrote:

    yes you're correct.. but why show misleading numbers???  misleading...at best


    That would be a software bug that should be corrected in a future update.