@LMurray1 wrote:
Jill,
Thanks for your response. I am still struggling with this problem. My gambling W2G winnings (and losses) far exceed the standard deduction, so my return is itemized. My deductions before the losses are below the itemized threshold. It appears I am only getting a partial deduction for the losses. If I input fake deductions to reach the standard deduction threshold, I still do not get full credit for my gambling losses vs my winnings. I get all kinds of different results from Turbotax depending on my input for gambling winnings and losses when I have made sure my other itemized deductions are over the threshold. Really seems like a software bug, but maybe something else?
If you are receiving social security, gambling winnings increase your adjusted gross income and may make more of your social security taxable. Increasing your AGI can also decrease your eligibility for certain tax credits.
