Yes, you can do it on your own. You must track the winnings and the expenses of the gambling.
Gambling Winnings
A payer is required to issue you a Form W-2G if you receive certain gambling winnings or have any gambling winnings subject to federal income tax withholding. You must report all gambling winnings as 'Other Income' on your tax return including winnings that aren't reported on a form.
Gambling Losses
You may deduct gambling losses only if you itemize your deductions 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. Claim your gambling losses up to the amount of winnings, as 'Other Itemized Deductions'.
Less Common Income: How to enter in TurboTax
- Go to the Wages and Income section of TurboTax
- Scroll to Less Common Income > Select Prizes, Awards, and Gambling Winnings
- Select Start or Update/Review > Continue to enter your winnings and your losses
- TurboTax will carry the winnings and the losses to the appropriate place on your tax return.
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