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Get your taxes done using TurboTax
I Itemize on Schedule A. My itemized deductions without the gambling losses are more than the standard deduction. I do not get EIC or any credits over and above home mortgage interest credit and some small charitable contributions. My tax scenario is very basic. I only use Turbo Tax for convenience. While my winnings are 5 digit, the increase in AGI is not affecting any other numbers. I have run the two sets of returns next to each other (compared forms 1 with the winnings and 1 without. I have almost exactly the same return AGI, taxes paid, etc all within under $500 difference) as I did in 2013 - dollar for dollar - including the gambling winnings and losses, charitable contributions, everything. Yet it is showing that I somehow owe $5800 more in taxes than I did for 2023 and my tax bracket did not change either. The IRS Agent did suggest I submit what Turbo Tax is calculating and let them fix it as they did for me in 2021 but a $5k difference is significant.