PatriciaV
Expert Alumni

Retirement tax questions

Yes, you should enter your gambling income reported on Form 1099-K under Less Common Income >> Prizes, Awards, and Gambling Winnings. This topic will allow you to enter your gambling losses as well. If you are able to itemize your deductions, your gambling losses will be reported on Schedule A to offset your winnings.

 

Note: Form 1099-K is used by the IRS to track payments that you received from credit cards, debit cards, or electronic payment services (Square, PayPal, ePay, etc.). For 2022 the IRS does not require you to report these payments separately. TurboTax will not give you a separate field for the amounts reported on your 1099-K(s), which is why you need to report this income under the appropriate income topic.

 

TT Blog: Sports Betting Taxes Guide

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