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Get your taxes done using TurboTax
Nope, it does not work that way. You enter your total winnings for the year as other income on a federal tax return. You enter your total gambling losses, up to the amount of your winnings, as a Miscellaneous itemized deduction on Schedule A.
Gambling losses can only be deducted up to the amount of the gambling winnings. Gambling winnings are reported on Form 1040 Schedule 1 on Line 8 as Other Income. Gambling Losses are reported on Form 1040 Schedule A as a Miscellaneous itemized deduction. Gambling losses are not a one-for-one reduction in winnings. Your total itemized deductions reported on Form 1040 Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.
To enter, edit or delete Gambling Winnings and Losses -
- Click on Federal Taxes (Personal using Home and Business)
- Click on Wages and Income (Personal Income using Home and Business)
- Click on I'll choose what I work on (if shown)
- Scroll down to Less Common Income
- On Gambling Winnings, click the start or update button
Or enter w2g in the Search box in the upper right of the program screen. Click on Jump to w2g