When I input my gambling losses, do I only input up to the amount of my winnings? Or do I input my total losses for the tax year and the Turbo Tax system will only apply up to the amount of my total winnings for the tax year as my deduction? You can enter the total amount or the amount up to your winnings. Either way, TurboTax will limit your losses to your winnings.
Be aware, in order to be able to claim the losses, you must itemize your return. So, if your itemized expenses are not greater than your standard deduction, you still will not receive any credit for your losses.
Gambling Losses
Standard versus Itemized Deduction
Itemized expenses include mortgage interest, state and local taxes up to $10,000, medical expenses in excess of 7.5% of your AGI, charitable donations, gambling losses up to winnings and casualty and losses in excess of 10% of you AGI with the first $100 not counting towards the loss. Your health insurance and all medical expenses are only deductible for the amount that is over 7.5% of your AGI. This means if your AGI is $50,000, then the amount that is over $3,750 is deductible.
Then your total itemized expenses would need to be greater than your standard deduction below in order to benefit from your insurance premium payments.
The 2023 Standard Deductions are as follows:
- Married Filing Joint (MFJ) $27,700
- Married Filing Separate (MFS) $13,850
- Head of Household (HOH) $20,800
- Single $13,850
Blind and MFJ or MFS add $1,500
Single or HOH if blind add $1,850
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