The gambling losses are only deducted up to the amount of your winnings. Make sure your gambling winnings have been entered first and entered in the correct location. To make sure the amounts are calculated correctly, follow these steps in TurboTax:
- Go to Federal Taxes tab ( Personal Tab in Self-Employed)
- Click Wages & Income
- Select I'll choose what I work on
- Then go to Less Common Income
- Click Gambling winnings
- Once you have entered in your gambling winnings click on Continue. Once you finish the questions for this area you will then be able to enter your gambling losses.
See the link below for more information:
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