topic How can i report my gambling losses in Get your taxes done using TurboTax

How can i report my gambling losses

ravindrareddy558 — Thu, 06 Jun 2019 14:43:18 GMT

Gambling losses can only be deducted up to the amount of...

DoninGA — Thu, 06 Jun 2019 14:43:19 GMT

Gambling losses can only be deducted up to the amount of the gambling winnings. Gambling winnings are reported on Form 1040 Line 21 as Miscellaneous Income. Gambling Losses are reported on Form 1040 Schedule A as a Miscellaneous itemized deduction. Gambling losses are not a one-for-one reduction in winnings. Your total itemized deductions reported on Form 1040 Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.

To enter, edit or delete Gambling Winnings and Losses -

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Less Common Income
On Gambling Winnings, click the start or update button

Or enter gambling winnings on w-2g in the Search box in the upper right of the program screen. Click on Jump to gambling winnings on w-2g

Re: Gambling losses can only be deducted up to the amount of...

Janelle1971 — Tue, 03 Mar 2020 21:10:20 GMT

program not working

Re: Gambling losses can only be deducted up to the amount of...

Janelle1971 — Tue, 10 Mar 2020 17:16:34 GMT

I am having difficulty inputting gambling losses. I have a dissability and is very difficult to type so could someone phone me on [phone number removed] Thank you Linda M

Re: Gambling losses can only be deducted up to the amount of...

CatinaT1 — Tue, 10 Mar 2020 17:50:40 GMT

Here is how you can connect with a Tax Expert.