topic gambling losses vs winnings in Deductions & credits

gambling losses vs winnings

loyknight — Fri, 01 Jan 2021 17:51:04 GMT

My 2020 turbo tax premier indicates it is up to date. But it just, in a return using standard deduction, netted gambling losses and winnings... ie, it showed the difference between the two on 1040 as gambling losses.

is this a know problem?

Re: gambling losses vs winnings

DoninGA — Fri, 01 Jan 2021 17:58:07 GMT

It is showing the net of winnings and losses on the Wage & Income page, however on your actual tax return only the winnings are reported on Form 1040 Line 8 and Schedule 1 Line 8. Click on Forms to view your tax return.

This will be reported to the TurboTax Moderators of the forum.

Re: gambling losses vs winnings

loyknight — Fri, 01 Jan 2021 18:07:36 GMT

yes you're correct.. but why show misleading numbers??? misleading...at best

Re: gambling losses vs winnings

DoninGA — Fri, 01 Jan 2021 18:08:42 GMT

@loyknight wrote:

yes you're correct.. but why show misleading numbers??? misleading...at best

That would be a software bug that should be corrected in a future update.

Re: gambling losses vs winnings

AmeliesUncle — Fri, 01 Jan 2021 19:46:59 GMT

The summary screens are frequently misleading. You need to look at the actual tax return to see what is showing up.