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If you were issued a 1099-Misc you should enter your gambling winnings as follows:

Gambling winnings are reported by following the steps below if you got a Form 1099-Misc.)

• Sign into your TurboTax Premier account (online or desktop)
  • Go to Federal Taxes tab ( Personal Tab if using Self-Employed version of TurboTax)
     
  • Click Wages & Income
     
  • Select I'll choose what I work on
     
  • Then go to Less Common Income
     
  • Click Gambling winnings
     

Are you itemizing your deductions or taking the standard deduction?

If you are taking the standard deduction, you can not take a deduction for your gambling losses.  Depending on what state you live in however, you may be able to take a deduction for your gambling losses on your state tax return.  

To report your gambling losses, you must itemize your income tax deductions on Schedule A. If you claim the Standard Deduction, then you can't reduce your tax by your gambling losses. The IRS doesn't permit you to ‌subtract your losses from your winnings and report the difference on your tax return.

You won't be able to deduct gambling losses if you lost more money than you won (excess losses) or if you're taking the Standard Deduction. For example, if you have $5,000 in winnings but $7,000 in losses, your deduction is limited to $5,000.

Keeping track of your winnings and losses

The IRS requires you to keep a log of your winnings and losses as a prerequisite to deducting losses from your winnings. Your winnings include each win during the year.

You typically cannot offset your winnings from one day with your losses from another day in order to report your net winnings or losses. Your winnings and losses typically need to be separated and reported individually. The IRS does allow you to net your wins and losses on the same day for the same type of wagering if you meet certain requirements. This means that if you win at the slots one day and lose the next day, you have to report the winnings on your tax return as income and then deduct the losses separately as an itemized deduction.

Typical sources of winnings and losses can include:

• lotteries
• raffles
• horse and dog races
• casino games
• poker games
• sports betting

Your records need to include:

• the date and type of gambling you engage in
• the name and address of the places where you gamble
• the people you gambled with
• the amount you win and lose

Other documentation to prove your losses can include:

• Form W-2G
• Form 5754
• wagering tickets
• canceled checks or credit records
• receipts from the gambling facility

Click here for additional information on gambling losses.

If this does not help please feel free to come back to TurboTax Community with additional details or questions or click here for information on Turbo Tax Support.  You can connect with a Live TurboTax Agent and share your screen.