Get your taxes done using TurboTax

You will have to amend your 2020 federal tax return to report the gambling winnings and losses.

See this TurboTax support FAQ for amending a 2020 tax return originally completed and filed using TurboTax - https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/amend-2020-return/L3XdA1Pw8_U...

 

Gambling winnings are reported on a tax return as ordinary income.  Gambling losses are reported as a Miscellaneous Itemized Deduction on Schedule A.  You DO NOT subtract your losses from your winnings when reporting your winnings on a tax return.

If the total of all itemized deductions on Schedule A are less than the Standard Deduction for your filing status then Schedule A will not be used for deductions.

 

Standard deductions for 2020

  • Single - $12,400 add $1,650 if age 65 or older
  • Married Filing Separately - $12,400 add $1,300 if age 65 or older
  • Married Filing Jointly - $24,800 add $1,300 for each spouse age 65 or older
  • Head of Household - $18,650 add $1,650 if age 65 or older

To enter, edit or delete Gambling Winnings and Losses -

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Wages and Income (Personal Income using Home and Business)
  • Click on I'll choose what I work on (if shown)
  • Scroll down to Less Common Income
  • On Gambling Winnings, click the start or update button