Congratulations on your win!
You will probably need to file a 1040 return, but TurboTax will determine the type of tax return form you need (1040, 1040A, or 1040 EZ) Just enter the information reported on your W-2G. To enter your gambling or prize winnings in TurboTax, please follow these steps:
- Click on Federal Taxes > Wages & Income [If you're in TT Self-Employed: Personal > Personal Income ]
- In the Less Common Income section, click on the Start/Update box next to gambling winnings. (See Screenshot #1, below.)
- On the Gambling Winnings screen, click the Yes box.
- On the screen, Tell Us About Your Winnings, click the box for the person who had the gambling winnings (you or your spouse, if filing jointly). Click the Skip W2-G box if Form W-2G is not issued. (Screenshot #2)
- If you click either you or your spouse's name, the next screen will be the W-2G entry form
- if you clicked the Skip W-2G box, on the next screen, Any Other Gambling Winnings, click the Yes box. (Screenshot #3)
- You will be able to enter your winnings in the Other Gambling Winnings screen. (Screenshot #4)
- After entering your winnings, you will be asked to enter your losses (if any) on the next screen, Gambling Losses. [Gambling losses can be deducted as an itemized deduction up to the total of reported gambling and prize winnings. (Screenshot #5)
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