Q. So everything that I won, do I get all that back?
A. No.
You may only deduct gambling losses up to the amount you won. That is, you may not show a net loss. In addition, the losses are only deductible as an itemized deduction. If all your itemized deductions do not exceed your standard deduction, you will get no offset from your winnings. In TurboTax(TT), after entering your W-2G info, TT will ask you about losses. Enter at that screen and TT will place it on schedule A.
If your W-2G (or other tax document) showed income tax withholding (box 4), TT will give you credit for that to reduce your overall income tax. You may or may not get some of it back.
