You can follow these steps provide above by LenaH to enter gambling wins on a 1099-K and offset the losses through making an entry in Less Common Income for the gambling losses:
To report your gambling winnings on your tax return, complete the following steps in TurboTax:
- Open your return.
- Search for Other Income with the magnifying glass tool on the top of the page.
- Select the Jump to Other Income link in the search results.
- Select No to the question Did you get a 1099-MISC?
- Scroll down to Gambling Winnings under Less Common Income.
- Click Start next to Gambling Winnings.
- Choose Yes to the question Did you win money or prizes from gambling or lotteries during 2020?
- Choose I did not receive a W-2G.
- Follow the on-screen instructions to enter your data.
- After you enter your gambling or lottery winnings that weren't reported on W-2G, you can enter your Gambling Losses on the next screen.
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