topic gambling losses in Deductions & credits

gambling losses

remerced — Sat, 08 Feb 2020 17:26:45 GMT

where do i put gambling losses on schedule A form in turbo tax?

I have entered the W-2G form for the winnings and answered the losses in the box at the very end once past the w-2g form. I don't see this being entered on schedule A anywhere

Re: gambling losses

AnnetteB6 — Sat, 08 Feb 2020 17:51:14 GMT

If your gambling losses along with your other itemized deductions do not exceed your standard deduction, then you will not see any tax benefit from claiming the gambling losses.

You can use the instructions in the following TurboTax article to check whether you are claiming the standard deduction or itemized deductions. If you are using itemized deductions, the gambling losses will be shown in the 'Other Itemized Deductions' category or on line 16 of Schedule A.

How do I change from the standard deduction to itemized or vice versa?

Re: gambling losses

1hreed1 — Tue, 02 Feb 2021 05:00:23 GMT

Where do i enter gambling losses

Re: gambling losses

JohnB5677 — Tue, 02 Feb 2021 14:53:59 GMT

When you go through the interview for the W-2G please continue to the end. There is an entry screen for gambling losses.

Gambling winnings are posted to line 8 of Schedule 1. They are also included on line 8 of your 1040
Gambling losses are on line 16 of Schedule A
NOTE: Gambling losses can not exceed Gambling winnings.

Re: gambling losses

wallj2015 — Sun, 28 Feb 2021 17:23:49 GMT

do you have to itemize deductions to offset gambling losses

Re: gambling losses

SweetieJean — Sun, 28 Feb 2021 17:27:40 GMT

Yes, for Federal. But state may be different.