https://ttlc.intuit.com/community/taxes/discussion/i-have-entered-my-w-2g-winnings-then-my-losses-which-equals-out-my-return-amount-went-down-and-never/01/1121267#M410597 Sun, 09 Feb 2020 22:20:33 GMT mdaley8 2020-02-09T22:20:33Z https://ttlc.intuit.com/community/taxes/discussion/i-have-entered-my-w-2g-winnings-then-my-losses-which-equals-out-my-return-amount-went-down-and-never/01/1121267#M410597 Sun, 09 Feb 2020 22:20:33 GMT https://ttlc.intuit.com/community/taxes/discussion/i-have-entered-my-w-2g-winnings-then-my-losses-which-equals-out-my-return-amount-went-down-and-never/01/1121267#M410597 mdaley8 2020-02-09T22:20:33Z https://ttlc.intuit.com/community/taxes/discussion/re-i-have-entered-my-w-2g-winnings-then-my-losses-which-equals-out-my-return-amount-went-down-and/01/1121279#M410604 <P>Gambling losses are not a one-for-one reduction in winnings. Your <U><STRONG>total</STRONG></U> itemized deductions reported on Form 1040 Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.</P> <P>&nbsp;</P> <P><STRONG>Standard deductions for 2019</STRONG></P> <UL> <LI>Single - $12,200 add $1,650 if age 65 or older</LI> <LI>Married Filing Separately - $12,200 add $1,300 if age 65 or older</LI> <LI>Married Filing Jointly - $24,400 add $1,300 for each spouse age 65 or older</LI> <LI>Head of Household - $18,350 add $1,650 if age 65 or older</LI> </UL> Sun, 09 Feb 2020 22:22:13 GMT https://ttlc.intuit.com/community/taxes/discussion/re-i-have-entered-my-w-2g-winnings-then-my-losses-which-equals-out-my-return-amount-went-down-and/01/1121279#M410604 DoninGA 2020-02-09T22:22:13Z