topic How do I itemize my gambling winning and losses in Deductions & credits

How do I itemize my gambling winning and losses

OBrwn223 — Mon, 09 Mar 2026 05:37:23 GMT

I need help with my gambling winnings and losses

Re: How do I itemize my gambling winning and losses

Mike9241 — Sat, 19 Feb 2022 07:43:17 GMT

only forms with withholding need to be entered separately. winnings get reported as income. losses are only deductible to the extent of winnings and also only deductible if you itemize.

Re: How do I itemize my gambling winning and losses

OBrwn223 — Sat, 19 Feb 2022 07:58:12 GMT

So everything that i won do I get all that back?

Re: How do I itemize my gambling winning and losses

Hal_Al — Sat, 19 Feb 2022 13:27:58 GMT

Q. So everything that I won, do I get all that back?

A. No.

You may only deduct gambling losses up to the amount you won. That is, you may not show a net loss. In addition, the losses are only deductible as an itemized deduction. If all your itemized deductions do not exceed your standard deduction, you will get no offset from your winnings. In TurboTax(TT), after entering your W-2G info, TT will ask you about losses. Enter at that screen and TT will place it on schedule A.

If your W-2G (or other tax document) showed income tax withholding (box 4), TT will give you credit for that to reduce your overall income tax. You may or may not get some of it back.