In most cases, the casino will take 25 percent off your winnings for IRS gambling taxes before paying you. Not all gambling winnings in the amounts above are subject to IRS Form W2-G. W2-G forms are not required for winnings from table games such as blackjack, craps, baccarat, and roulette, regardless of the amount.
For gambling winnings, there's no 1099-K entry form screen like there is for a W-2, in TurboTax. You don’t have to worry about the 1099K from PayPal for withdrawing part of your winnings, you have to worry about the W-2 G from the sports betting company that will report your winnings for the year.
In addition to what Opus 17 said, you may deduct gambling losses only if you itemize your deductions on Schedule A (Form 1040) and kept a record of your winnings and losses. The amount of losses you deduct can't be more than the amount of gambling income you reported on your return.
Click on the link below to see how to enter W-2G:
How to Enter W-2G
Here's where you enter Form W-2G (Certain Gambling Winnings) in TurboTax:
- Open or continue your return in TurboTax, if you aren't already in it
- Search for W2G (don't include any hyphens) and select the Jump to link in the search results
- Answer Yes on the Did you win money or other prizes in
- 2022? screen and follow the instructions to enter your W-2G
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