W2g gambling income WERE TO POST

jkelly238 — Thu, 06 Jun 2019 01:17:19 GMT

You should have received the Form W-2G, Certain Gambling...

AustinTS — Thu, 06 Jun 2019 01:17:20 GMT

You should have received the Form W-2G, Certain Gambling Winnings; but not all winnings are subject to a W-2G. And that doesn't mean you are exempt from paying taxes or reporting the winnings. If you received one, you will need to enter all of that information from that form into TurboTax for your winnings.

Winnings in the following amounts must be reported:

$600 or more at a horse track (if that is 300 times your bet)
$1,200 or more at a slow machine or bingo game
$1,500 or more in keno winnings
$5,000 or more in poker tournament winnings

NOTE: Even if you do not win as much as the amounts above, you are still legally obligated to report.

More details on this can be found here

If you have any gambling losses, the amount of gambling losses that you can deduct can't exceed the winnings you report as income. When you enter your gambling winnings in TurboTax, the interview will also ask you questions regarding gambling losses. And you can only claim losses if you are itemizing your deductions.

If you received a Form W-2G, you can follow the steps here below to get to that portion of the interview for entering the gambling winnings/losses.

Log into your TurboTax account, click orange Take me to my return button
Type W2G in the search box in top right
Click jump to W2G and that takes you right to the section you need
Choose Yes on the Gambling Winnings screen and follow prompts to enter your information.

Other Related Topics:

To enter your gambling winnings in TurboTax Online, go here:

Federal Taxes
Wages & Income
Less Common Income
Gambling Winnings
Start

You will then be able to enter your winnings

Which Turbo Tax version do I need to deal with gambling w...

ljgmag59 — Thu, 06 Jun 2019 01:17:22 GMT

Which Turbo Tax version do I need to deal with gambling win/losses?

You can use Deluxe or higher of the online product to ent...

Texas Roger — Thu, 06 Jun 2019 01:17:23 GMT

You can use Deluxe or higher of the online product to enter the W-2G winnings and enter the lossses as an itemized deduction.

You can use any of the CD/download versions.

Thank You .Just the info I needed.

ljgmag59 — Thu, 06 Jun 2019 01:17:23 GMT

Thank You .Just the info I needed.

topic W2g gambling income WERE TO POST in Get your taxes done using TurboTax

W2g gambling income WERE TO POST

You should have received the Form W-2G, Certain Gambling...

Which Turbo Tax version do I need to deal with gambling w...

You can use Deluxe or higher of the online product to ent...

Thank You .Just the info I needed.