No, that is not correct. You have to report the gambling winnings on your tax return.
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 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
