It depends. Please read this IRS link regarding Gambling Winnings and losses. the main point in this article is that "A payer is required to issue you a Form W-2G, Certain Gambling Winnings if you receive certain gambling winnings or have any gambling winnings subject to federal income tax withholding, which is what you have at this point." Also read carefully what the article says about gambling losses. You can only claim these if you are able to itemize your deductions for the year.
If you don't have a W2-G, you can still report your gambling winnings by:
- Go to federal>income and expenses>all income>>show more
- Less Common Income> Start
- Gambling Winnings,>start
- Carefully, answer the questions. Be sure to enter your gross winnings first.
- The next screen will ask you to enter gambling losses up to the amount of your winnings. Keep in mind after entering your losses, you may not be able to claim these unless your itemized deductions are greater than your standard deduction amount for the year.
- Keep your winnings and losing records handy just in case if you are audited. Not having a W2-G may raise a red flag with the IRS so be ready to present your documentation if necessary.
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