2023 tax return questions
I received a 1099-misc for prize winning at the casino. I have much more losses at the
casino that exceeded the value of the cash prize. This year I filed itemized deductions
option because itemized deductions exceeded the standard deduction. I reported
1099-misc as income, but I couldn’t find where to report as a loss for that amount on
the TurboTax online. Therefore I sent it without claiming as a loss. According to my
friend (CPA), I should have recorded same as W-2G loss. My win/loss statement
shows I lost many times more. I am aware I can only deduct the loss amount up to the
winnings. Should I file an amended return? If I can report 1099-misc same as W-2G,
the difference will be approx. $1600 (refund) .Thank you so much for your help.
