Turbo Tax does not allow this....at least I don't think it does when using the guided method. I entered the "prize" as a 1099 Misc and it does not consider any 1099 to be gambling winnings. The other suggestion here...(about comps and whatnot...) don't apply to me since I am not a "professional gambler" which I thought might open me up to having to pay into other fees of the self employed.
So now what? I've already filed my federal and state taxes. I got a refund from the State as too much was withheld.....so apparently my taxes were done correctly or they would have notified me and made an adjustment or contacted me. The 100 MISC I got "just" increased my income dollar amount and I paid the tax that was due for my adjusted income. I would LOVE to write off the $35,000 win because I have more dollars in losses from gambling over the whole year and could easily include it. I have a win/loss statement from several casinos I visit. Would you suggest I see a tax professional to help with an amended return our should I try to do it myself with Turbo Tax. Since I have never done an amended return I am not sure if Turbo Tax has this ability to help me do this. I might end up getting another refund that would offset the cost of a tax professional. Or I could just forget about the whole thing and be happy with what I won! Thanks to everyone here for advice. I honestly don't think Turbo Tax software dealt with this situation very well. Cheers.
