Yes, you are.
In fact, the IRS requires all gambling winnings to be reported, whether a Form W-2G is issued or not.
You're allowed to deduct your gambling losses, up to the amount of the gambling income you claimed. But you have to itemize your deductions to claim your gambling losses as a deduction. This means you can’t take the standard deduction for your filing status, which often is larger than a taxpayer’s itemized deductions.
To enter, edit or delete Gambling Winnings and Losses (with or without a Form W-2G):
- 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
Or, you can enter "gambling winnings on w-2g?" in the Search box in the upper right of the screen. Then, click "Jump to gambling winnings on w-2g."
Please see the TurboTax Help blog How to Pay Taxes on Gambling Winnings and Losses for more information.
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