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If I enter gambling winnings my tax owed goes up. I show my losses equal to my winnings.This does not reduce my taxes to what it was before entering the winnings. Why?
I am taking the standard deduction, not itemized, as this is better for me.
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June 3, 2019
12:29 PM
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Get your taxes done using TurboTax
Gambling
To enter the W-2G or other documents For your Gambling winnings--Go to Federal>Wages & Income>Less Common Income>Gambling Winnings
You can enter your winnings, and then keep clicking through the interview to enter gambling losses.
Gambling losses are an itemized deduction; you can only get a deduction if the combination of all of your other itemized deductions exceeds your standard deduction. Losses do not offset winnings dollar for dollar.
https://www.irs.gov/help/ita/how-do-i-claim-my-gambling-winnings-and-or-losses
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
June 3, 2019
12:29 PM