@trgwila wrote:
Do I enter the 1099 MISC under other common income and include the same amount under gambling winnings? This would be the only way the winning amount could be deducted if the loss was equal to the amount on the 1099MISC.
You have to enter the gambling income in the section for gambling income. When asked for a W-2G just answer No and continue.
Gambling losses can only be deducted up to the amount of the gambling winnings. Gambling winnings are reported on Form 1040 Schedule 1 on Line 8 as Other Income. Gambling Losses are reported on Form 1040 Schedule A as a Miscellaneous itemized deduction. Gambling losses are not a one-for-one reduction in winnings. Your total itemized deductions reported on Form 1040 Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.
To enter, edit or delete Gambling Winnings and Losses -
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 enter w2g in the Search box in the upper right of the program screen. Click on Jump to w2g
