I had a series of W-2Gs for gambling winnings that I input one at a time into Turbotax. My gambling losses equaled my gambling winnings. However, Turbotax showed an increased in my Federal and state income taxes due in spite of my gambling losses equal to my winnings. If I take away one W-2G at a time, my Federal and state taxes decrease. Why? I thought if gambling losses equal or exceed gambling winnings, there is no impact on taxes due.
