Thanks for your replies. I think I should rephrase my question.
I'm aware of deduction amounts and have surpassed that amount.
My question is, where do I enter my gambling losses to offset my winnings.
My scenario is something like this:
Gambling winnings: $10,000
Tax on winnings: $3,500
Gambling losses: $12,000
However, when I enter $10,000 in losses in the Other Deduction Expenses section, it does not offset my tax in any way. The additional $3,500 taxes owed from winnings is not subtracted from the Federal Due number in the upper left corner of the screen. I would think that the offset would subtract the $3,500 amount from the Federal Due amount.
Am I entering my losses in the wrong area of Turbotax?
