Yes -- in fact, you're required by law to report any winnings.
You have two options
to enter gambling winnings.
The quickest way is
to type "gambling winnings on w-2g" in the search box in the upper
right of the TurboTax screen, then click on "Jump to gambling winnings on
w-2g."
Alternatively, you
can:
- Click on Federal Taxes
- Click on Wages and Income
- 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
You'll enter your winnings, and then keep clicking through the interview to enter gambling losses.
Bear in mind that
losses can only be claimed as an itemized deduction, and if you don't have
enough itemized deductions to exceed your standard deduction, your losses will
have no tax impact for you.
