Your winnings are classified as gambling winnings on your tax return. Your wagers are deductible up to the amount of your winnings, but as itemized deductions. So, unless you have enough itemized deductions to surpass your standard deduction, the deduction will not benefit you.
When you enter your gambling winnings in the Less Common Income section of TurboTax, under Prizes, Awards, and Gambling Winnings, you will be asked to enter your gambling losses. They will be applied to your itemized deductions and will be deducted from your gambling income if you are able to benefit from itemizing your deductions.
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