gambling losses

[MARK112554]

turbo tax does not calculates my deductions correctly.  I have gambling winnings that I reported on line 8 of 1040 and reported the losses, but losses does not show up on Schedule A.  Turbo tax wants me to take the standard deductions even when total deductions are greater.  Any help would be appreciated.

[VolvoGirl]

How much is your schedule A itemized deductions? How much is on 1040 line 12? Maybe the Standard Deduction plus the extra $300 for Charity on line 10b is more than your itemized deductions.

There is a new FAQ for the Itemized vs Standard Deduction confusion
https://ttlc.intuit.com/community/charitable-donations-deductions/help/standard-vs-itemized-deductio...

[xmasbaby0]

You may have some misunderstanding about how gambling losses work.   Your losses do not offset your winnings dollar for dollar.  They have no effect at all unless you have enough itemized deductions to exceed your standard deduction.

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/

https://ttlc.intuit.com/questions/1900352-can-i-deduct-my-gambling-losses

2020 Standard Deduction Amounts

Single $12,400   (+ $1650 65 or older)

Married Filing Separate  $12,400   (+ $1300 if 65 or older)

Married Filing Jointly $24,800   (+ $1300 for each spouse 65 or older)

Head of Household $18,650  (+ $1650 for 65 or older)

[MARK112554]

I have  $23,637 of itemized deductions, if you add $8,548 of gambling losses (max I can deduct) it comes to $32,185.  My standard deduction is $27,700 which is less that my itemized deductions.  Turbo tax is saying the standard deduction is greater than my itemized deduction.  It doesn't make sense. 

[VolvoGirl]

Some deductions are limited now.

If it's giving you the Standard Deduction and  not showing you Schedule A you can check the actual amount of itemized deductions by using by going to

Tax Tools on left

Tools - Topic Search (top left box)

Type in  itemized deductions, choosing.  It should highlight that in the list, click on GO

Then Click on "Change my deduction". That will display the actual amount of itemized deductions vs. the standard deduction.    (Be sure to uncheck "Change my deduction" after checking it so you do not lock in the wrong deduction.

How to change between the Standard Deduction and Itemized Deductions

https://ttlc.intuit.com/community/accessing/help/how-do-i-change-from-the-standard-deduction-to-item...