Your gambling winnings does not get reduced by your losses on your tax return. It is still be taxable to you, however, you can deduct your gambling loss up to your gambling winnings. Therefore, if you have more than $1000 losses, you can only deduct $1000 on Schedule A if you are itemizing.
To enter gambling winnings and losses information in TurboTax Premier online program, go to:
If you have a Form W-2G, go to:
- Sign in to your TurboTax online account and select Pick up where you left off
- At the right upper corner, in the search box, type in W2g and Enter
- Select to Jump to W2g and follow the prompts
- On-screen, Tell Us About Your Winnings, select Enter A W-2G and enter information
- Follow step-by-step interview questions, on-screen Gambling Losses, enter the amount.
If you DO NOT have a Form W-2G, go to:
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- At the right upper corner, in the search box, type in W2g and Enter
- Select to Jump to W2g and follow the prompts
- On-screen, Tell Us About Your Winnings, select Skip W-2G and enter information
- Next screen, Any Other Gambling Winnings, answer Yes and follow prompts
- Next screen Gambling Losses, enter the amount.
