To enter your w2-G select the following:
- Federal
- Income
- Prizes, Awards, and Gambling Winnings under Less Common Income
You can also use the search box and enter gambling winnings, then click Jump To to get to the gambling winnings.
After you enter your winnings, you will be asked about your gambling losses. In order to claim gambling losses, you must itemize your return. Other Itemized expenses include mortgage interest, state and local taxes up to $10,000, medical expenses in excess of 7.5% of your AGI and casualty and losses in excess of 10% of you AGI with the first $100 not counting towards the loss.
Then your total itemized expenses would need to be greater than your standard deduction below in order to benefit from your gambling losses.
The 2024 Standard Deductions are as follows:
- Married Filing Joint (MFJ) $29,200
- Married Filing Separate (MFS) $14,600
- Head of Household (HOH) $21,900
- Single $14,600
Blind or over 65 and MFJ or MFS add $1,550
Single or HOH if blind or over 65 add $1,950
Standard versus Itemized Deduction
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