topic Where do i report gambling losses in Get your taxes done using TurboTax

Where do i report gambling losses

konagold64 — Sat, 01 Jun 2019 06:35:38 GMT

in what section do i itemize gambling losses?

Gambling losses are only allowed up to the amount of your...

IreneS — Sat, 01 Jun 2019 06:35:39 GMT

Gambling losses are only allowed up to the amount of your gambling winnings.

For example, if you had $9,000 of gambling losses and had $2,000 of gambling winnings, you can only deduct $2,000 of your losses (the amount of your winnings).

If you had no winnings, you will not be able to deduct your losses.

To enter your gambling winnings and losses in TurboTax, please follow these steps:

Click on Federal Taxes > Wages & Income [If you're in TT Self-Employed: Personal > Personal Income ]
In the Less Common Income section , click on the Start/Update box next to gambling winnings. [See Screenshot #1, below.]
On the Gambling Winnings screen, click the Yes box.
On the screen, Tell Us About Your Winnings, click the Skip W2-G box if Form W2g is not issued. [Screenshot #2]
On the next screen, Any Other Gambling Winnings, click the Yes box. [Screenshot #3]
You will be able to enter your winnings in the Other Gambling Winnings screen. [Screenshot #4]
Since gambling losses can be deducted as an itemized deduction up to the total of reported gambling and prize winnings, enter your losses (if any) on the next screen, Gambling Losses. [Screenshot #5]

Re: Where do i report gambling losses

bhajialilou — Sun, 04 Apr 2021 20:55:35 GMT

Where do I report my gambling loss on tax forms?

Re: Where do i report gambling losses

npierson7 — Sun, 04 Apr 2021 21:00:54 GMT

To report your gambling losses, you must itemize your income tax deductions on Schedule A.

Re: Where do i report gambling losses

NCperson — Sun, 04 Apr 2021 21:24:21 GMT

and if you take the standard deduction, there are no gambling losses to post,

Re: Where do i report gambling losses

hurdbrandi — Thu, 14 Apr 2022 02:17:40 GMT

Just want to make sure I have this correctly, I won’t be able to see the gambling losses page until I complete the winnings pages, correct?? Also, will bank statements with ATM withdrawals be sufficient proof??

Re: Where do i report gambling losses

xmasbaby0 — Thu, 14 Apr 2022 02:20:12 GMT

Correct. You enter winnings first, then losses.

Gambling

To enter the W-2G or other documents For your Gambling winnings--Go to Federal>Wages & Income>Less Common Income>Gambling Winnings

You can enter your winnings, and then keep clicking through the interview to enter gambling losses.

https://www.irs.gov/help/ita/how-do-i-claim-my-gambling-winnings-and-or-losses

Gambling winnings are taxable income. Losses are an itemized deduction. If you do not have enough itemized deductions to exceed your standard deduction, your losses will have no effect.

https://blog.turbotax.intuit.com/income-and-investments/how-are-gambling-winnings-taxed-8891/

https://ttlc.intuit.com/questions/1900352-can-i-deduct-my-gambling-losses

2021 STANDARD DEDUCTION AMOUNTS

SINGLE $12,550 (65 or older + $1700)

MARRIED FILING SEPARATELY $12,550 (65 or older + $1350)

MARRIED FILING JOINTLY $25,100 (65 or older + $1350 per spouse)

HEAD OF HOUSEHOLD $18,800 (65 or older +$1700)

Legally Blind + $1350