topic For 20k gambling loss. Is it better to do itemized deduction? in Deductions & credits

For 20k gambling loss. Is it better to do itemized deduction?

aruxton13 — Thu, 11 Dec 2025 23:51:32 GMT

Re: For 20k gambling loss. Is it better to do itemized deduction?

xmasbaby0 — Fri, 12 Dec 2025 00:14:48 GMT

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/

2025 STANDARD DEDUCTION AMOUNTS

SINGLE $15,750 (65 or older/legally blind + $2000)

MARRIED FILING SEPARATELY $15,750 (65 or older/legally blind +1600)

MARRIED FILING JOINTLY $31,500 (65 or older/legally blind + $1600)

HEAD OF HOUSEHOLD $23,625 (65 or older/legally blind + $2000)

Re: For 20k gambling loss. Is it better to do itemized deduction?

Opus 17 — Fri, 12 Dec 2025 06:40:56 GMT

"Is it better"?

The simple answer is to enter everything and let Turbotax pick the best method. If you don't already itemize (because your normal itemized deductions are less than your standard deduction), adding gambling losses might push your itemized deductions higher than the standard so you would save some money by itemizing. But Turbotax does these calculations for you.

If you are married filing separately, whether you choose itemized or standard deduction could affect your spouse's return. But if you are single, married filing jointly, or filing head of household, then just let Turbotax pick the best deduction for you.