Deductions & credits

Yes, you can deduct your gambling losses if you itemize your deductions. 

A few things you need to keep in mind when entering your gambling losses:

• You can deduct your gambling losses, but only to offset the income from your gambling winnings. You can't deduct your losses without reporting any winnings.
 

• The amount of gambling losses you can deduct can never exceed the winnings you report as income.
 

• To report your gambling losses, you must itemize your income tax deductions on Schedule A. If you claim the Standard Deduction, then you can't reduce your tax by your gambling losses.
 

• The IRS doesn't permit you to ‌subtract your losses from your winnings and report the difference on your tax return. You must report your winnings and losses separately.

To get to your itemized deduction in your TurboTax Program, type "itemized deductions" in your search bar at the top right of your screen and select the "Jump to itemized dedudtions"

You first need to enter your gambling winnings reported to you on Form w-2G.  The easiest way to do this is type "W-2g" into the search bar at the top right corner of your screen. Then select "jump to W-2g"

Select "Yes"and continue through the screens to enter your Form W-2 information.

This screen will ask you to enter your Form W-2G information.

Once you have entered all of your forms W-2-G select "Done"

You will then be asked about your gambling losses. This is where you will enter your gambling loss information.

In general, if you need to get to your Itemized Deductions you can type "itemized deductions" in your search bar and select "Jump to itemized deductions".

Click here for information on gambling losses and your taxes.

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