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Level 1

If I have gambling winnings of $5K and I am not able to itemize since standard deduction is higher, can I reduce my taxable income any other way? Contribute to 401K?

 
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Level 15

If I have gambling winnings of $5K and I am not able to itemize since standard deduction is higher, can I reduce my taxable income any other way? Contribute to 401K?

Your gambling winnings is income which you can use as you wish.  Maximizing contributions to a retirement plan is always a good idea but whether you get a tax credit for doing so depends on many factors such as AGI, retirement distributions and other factors. 

Level 1

If I have gambling winnings of $5K and I am not able to itemize since standard deduction is higher, can I reduce my taxable income any other way? Contribute to 401K?

Thanks. But considering all other factorss remain unchanged except:

 

- Addition of $5K to income (W2G)

- Extra contribution of $5K towards 401K or IRA

 

Will that considered to be a wash?

Level 20

If I have gambling winnings of $5K and I am not able to itemize since standard deduction is higher, can I reduce my taxable income any other way? Contribute to 401K?

Yes ... one will offset the other.