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pow01
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When i add my gambling winning and loses it equals zero but my refund went down from 950 to 375. it should still be 950 because i lost the same amount i won

 
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When i add my gambling winning and loses it equals zero but my refund went down from 950 to 375. it should still be 950 because i lost the same amount i won

Gambling losses are not a one-to-one reduction of the taxable winnings.  Losses are entered on Form 1040 Schedule A as a Miscellaneous itemized deduction.  Your total itemized deductions must be greater than the standard deduction for your filing status to have any tax benefit.

Standard deductions for 2016 

  • Single - $6,300 add $1,550 if age 65 or older
  • Married Filing Separately - $6,300 add $1,250 if age 65 or older
  • Married Filing Jointly - $12,600 add $1,250 for each spouse age 65 or older
  • Head of Household - $9,300 add $1,550 if age 65 or older

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When i add my gambling winning and loses it equals zero but my refund went down from 950 to 375. it should still be 950 because i lost the same amount i won

Gambling losses are not a one-to-one reduction of the taxable winnings.  Losses are entered on Form 1040 Schedule A as a Miscellaneous itemized deduction.  Your total itemized deductions must be greater than the standard deduction for your filing status to have any tax benefit.

Standard deductions for 2016 

  • Single - $6,300 add $1,550 if age 65 or older
  • Married Filing Separately - $6,300 add $1,250 if age 65 or older
  • Married Filing Jointly - $12,600 add $1,250 for each spouse age 65 or older
  • Head of Household - $9,300 add $1,550 if age 65 or older

When i add my gambling winning and loses it equals zero but my refund went down from 950 to 375. it should still be 950 because i lost the same amount i won

Correct answers are painful...

When i add my gambling winning and loses it equals zero but my refund went down from 950 to 375. it should still be 950 because i lost the same amount i won

Now he's posted again, with more information.
<a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/3411317-my-itemized-deduction-is-more-than-my-standard-but-when-i-...>

When i add my gambling winning and loses it equals zero but my refund went down from 950 to 375. it should still be 950 because i lost the same amount i won

I just saw that...I am turning in, been here way to many hours today.
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