I won $1200 on a slot machine, what will happen if I don't file my w2-g? How much will I owe?

Forum|Forum|7 years ago
June 4, 2019
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TurboTax Free Edition iOS

xmasbaby0

Level 15

That W-2G was reported to the IRS. So if you do not enter it along with your other income you are likely to get an ugly letter from the IRS someday.

To enter the W-2G or other documents For your Gambling winnings--Go to Federal>Wages & Income>Less Common Income>Gambling Winnings

You can enter your winnings, and then keep clicking through the interview to enter gambling losses.

Gambling losses are an itemized deduction; you can only get a deduction if the combination of all of your other itemized deductions exceeds your standard deduction. Losses do not offset winnings dollar for dollar.

https://www.irs.gov/help/ita/how-do-i-claim-my-gambling-winnings-and-or-losses

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**