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Professional Gambling income for Schedule C - no place to enter it so that TT treats it as gambling income and taxes at the proper rate
I am trying to figure out how to enter the income for my professional gambling activities. I created a distinct business for this activity, and checked the box for "Is professional gambler", but the income is flowing to Schedule 1 as normal business income on line 3, not gambling income on line 8b, so it's being taxed at the progressive rate, not the flat 24% for gambling income.
When entering the income, I don't see a way to specify the type, and I don't have W2-G's for it (online gaming sites).
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‎December 9, 2024
1:55 PM