You will receive a Form W2-G reporting your gambling winnings and the federal and state taxes withheld. Your gross winnings and your federal and state withholding should be reported on your tax returns. If you itemize your deductions on Schedule A, you will be able to deduct your gambling losses, up to the amount of your gambling winnings. For more information, check out this TurboTax article: Deducting Gambling Losses.
To enter your Gambling Winnings and Losses in TurboTax Online, please follow these instructions:
- Sign In to TurboTax Online
- Click "Take Me to my Return"
- Click "Federal" from the left side of your screen
- Scroll down to "Less Common Income" and click "Show More"
- Click "Start" to the right of "Gambling Winnings" and click "Yes"
- From here TurboTax will walk you through entering your Gambling Winnings, with or without a Form W2G
- As you walk through this section, you will also be asked about your Gambling Losses
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