Where do I enter my gambling losses.

scarmstrong — Thu, 06 Jun 2019 16:00:14 GMT

It is very important to note that you must enter your gam...

KiaraE — Thu, 06 Jun 2019 16:00:15 GMT

It is very important to note that you must enter your gambling winnings in order to deduct your losses. However, gambling losses are an itemized deduction. You will only see a tax benefit from this loss if your itemized deductions (added together) are more than your standard deduction.

You should have received a W-2G from your winnings.

If you have received this,

1. Click Federal Taxes on the left tab

2. Click on Wages & Income on the top tab

3. Select see All Wages and Income

4. Find the Less Common Income section (it should be the last category)

5. Select Show More

6. Find the Gambling Winnings section and click “Start”

a. There you will answer the questions based upon the W2-G you were given

7. This section will also ask you about the gambling losses

Remember you must enter your gambling winnings in order to deduct your losses. However, gambling losses are an itemized deduction. You will only see a tax benefit from this loss if your itemized deductions (added together) are more than your standard deduction.

You can refer to this article for more information on this if you like:

https://turbotax.intuit.com/tax-tips/jobs-and-career/can-you-claim-gambling-losses-on-your-taxes/L4l...

topic Where do I enter my gambling losses. in Deductions & credits

Where do I enter my gambling losses.

It is very important to note that you must enter your gam...