Get your taxes done using TurboTax

Yes, there is a way but you will need to enter your 1099K a different way. Before I mention how to do it, there are a few ground rules.

1. You may only enter gambling expenses up to the amount of gambling winnings.
2. Gambling winnings are itemized deductions.  Depending on your filing status, your standard deductions are as follows.

• Single taxpayers: $12,950
• Married taxpayers filing a joint return: $25,900
• Heads of household: $19,400

if you have itemized deductions that exceed the standard deduction amount listed, you may itemized.  itemized deductions are for things like ome mortgage, state taxes paid, medical expenses the exceed 7.5% of your adjusted gross income, charitable contributions.  If you don't have any of these and if your gambling losses do not exceed the amounts i have listed, chances are you won't be able to itemize and claim your losses.  If you can however, here is how to enter your 1099K gambling income and claim your losses.       

1. Go to Federal Taxes tab ( Personal Tab in Self-Employed)
2. Click Wages & Income
3. Select I'll choose what I work on 
4. Then go to Less Common Income
5. Click Gambling winnings
6. When it asks if you receive the W2G say no
7. When it says let's Check for Winnings not on a W2G the nyou have two choices to make. Select either gambling or lottery winnings or prizes and awards. The losses are only deductible if you choose gambling.
8. Now you will enter the gambling winnings not reported on a W2G.
9. the next screen will ask if you have gambling losses in 2022. here you will enter losses that are equal or less than your gambling winnings.
10. If you entered your 1099 K elsewhere, you will need to remove it from that section and report it here., This is the only section where you can claim your gambling losses.
11.  Again, if you don't have enough itemized deductions for the year, leave your 1099K where it is because you won't be able to claim the losses.  

@marti3td