No. You have to enter all of your winnings from your W-2G forms and then enter your losses separately. Losses can be deducted up to the amount of winnings, but only if you itemize your deductions on Schedule A.
To enter Form W-2G (Certain Gambling Winnings) in TurboTax, please follow the instructions below:
- Open or continue your return in TurboTax, if you aren't already in it.
- Search for W2G (don't include any hyphens) and select the Jump to link in the search results.
- Answer Yes on the Did you win money or other prizes in 2021? screen and follow the instructions to enter your W-2G.
After you've finished entering all of your gambling winnings, TurboTax will ask about any losses you may have had.
The information entered above on the federal screens will flow directly to your state return.
For more information, please see Can You Claim Gambling Losses on Your Taxes?
[Edited 3/30/22 l 11:24AM PST]
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