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All the boxes on W2G is blank, but gross shows $1000, paid in tickets $30, NET $970. Do I have to report if boxes are all blank?
If net paid is under $1000, do I have to report winnings?
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June 1, 2019
10:01 AM
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Get your taxes done using TurboTax
Yes, you need to include the winnings on your return even if the net paid is under $1,000.
To enter your W2G Winnings), please follow these instructions:
- Sign In to TurboTax Online
- Click "Take Me to my Return"
- Click "Federal" from the left side of your screen
- Scroll down to "Less Common Income" and click "Show More"
- Click "Start" to the right of "Gambling Winnings" and click "Yes"
- From here TurboTax will walk you through entering your Gambling Winnings, with or without a Form W2G
- As you walk through this section, you will also be asked about your Gambling Losses
If you itemize your deductions on Schedule A, you can take a deduction for your gambling losses up to the amount of your winnings. For more information, check out this TurboTax article: Deducting Gambling Losses.
June 1, 2019
10:01 AM