topic Before i entered in my w2g my return was around 600.00 i have a win loss statement that shows i lost more money than i won. shouldnt that cancel out the tax on the wins in Get your taxes done using TurboTax https://ttlc.intuit.com/community/taxes/discussion/before-i-entered-in-my-w2g-my-return-was-around-600-00-i-have-a-win-loss-statement-that-shows-i-lost/01/420951#M173547 Tue, 04 Jun 2019 21:10:34 GMT bigblackdog42 2019-06-04T21:10:34Z Before i entered in my w2g my return was around 600.00 i have a win loss statement that shows i lost more money than i won. shouldnt that cancel out the tax on the wins https://ttlc.intuit.com/community/taxes/discussion/before-i-entered-in-my-w2g-my-return-was-around-600-00-i-have-a-win-loss-statement-that-shows-i-lost/01/420951#M173547 Tue, 04 Jun 2019 21:10:34 GMT https://ttlc.intuit.com/community/taxes/discussion/before-i-entered-in-my-w2g-my-return-was-around-600-00-i-have-a-win-loss-statement-that-shows-i-lost/01/420951#M173547 bigblackdog42 2019-06-04T21:10:34Z No, your losses may have no impact on your winnings.  Los... https://ttlc.intuit.com/community/taxes/discussion/no-your-losses-may-have-no-impact-on-your-winnings-los/01/420955#M173549 <P>No, your losses may have no impact on your winnings. &nbsp;Losses are deducted as itemized deductions, not directly against the winnings. &nbsp;In order to itemize, you must have TOTAL itemized deductions that exceed your standard deduction ($6300 single, $12,600 married joint). &nbsp;If you do not meet the requirements to itemize your deductions, you will take the standard deduction and the losses will not benefit you at all.</P><P> <BR /> </P><P>Even if you do itemize, gambling losses are not deducted directly against your winnings, so you will see the winnings showing as income</P> Tue, 04 Jun 2019 21:10:35 GMT https://ttlc.intuit.com/community/taxes/discussion/no-your-losses-may-have-no-impact-on-your-winnings-los/01/420955#M173549 Anita01 2019-06-04T21:10:35Z