How are you "negative on the year" if you have winnings of $100,000 and losses of $50,000? That looks like a net (positive) profit of $50,000 to me.
How could you be "deducting $100,000 in losses" if you only have a "total annual loss of $50,000"? You can only deduct your gambling losses once, not twice.
You have to enter your W-2G forms showing $100,000 of winnings. You can deduct your $50,000 of gambling losses as an itemized deduction.
