topic Re: Sweepstakes in Get your taxes done using TurboTax

Sweepstakes

demetriamoro — Wed, 30 Oct 2024 21:10:56 GMT

How to claim sweepstakes wins without a 1099 form

Re: Sweepstakes

AmitaR — Wed, 30 Oct 2024 21:19:48 GMT

Hello demetriamoro,

You may report your Sweepstakes winnings as Other Income.

Federal > Wages and Income > Other Income.

Enter Description and Amount.

Thanks for participating in TurboTax's Ask the Expert event today. I hope this information was helpful!

Have an amazing day.

AR (CPA 10+ years)

Re: Sweepstakes

demetriamoro — Wed, 30 Oct 2024 21:23:07 GMT

Thank you for your reply! Am I able to report my losses? For example if I spent $3000 buying in to the sweepstakes and cashed out $3000 would it be a wash?

Re: Sweepstakes

AmitaR — Wed, 30 Oct 2024 21:28:32 GMT

You can claim an itemized deduction for the amount of your wager only to the extent of your gains.

Re: Sweepstakes

demetriamoro — Wed, 30 Oct 2024 21:33:24 GMT

Would the itemized deduction need to show each wager placed or would a total spent for the year be sufficient?

Re: Sweepstakes

AmitaR — Wed, 30 Oct 2024 21:47:43 GMT

Would the itemized deduction need to show each wager placed or would a total spent for the year be sufficient?

Answer: You would enter the total, but keep record of your receipts in case of an Audit.