Gambling win/loss

3 replies
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Hello,

What if I had gambling winnings during the year and had the casino withhold taxes for federal and state, then at the end of the year get a win/loss statement and see that losses were greater than winnings. How would that be reported when doing 2019 taxes? Thank you.

TurboTax Premier Windows

RachelW33Answer

Alumni - Expert

You will receive a Form W2-G reporting your gambling winnings and the federal and state taxes withheld. Your gross winnings and your federal and state withholding should be reported on your tax returns. If you itemize your deductions on Schedule A, you will be able to deduct your gambling losses, up to the amount of your gambling winnings.   For more information, check out this TurboTax article: Deducting Gambling Losses.

To enter your Gambling Winnings and Losses in TurboTax Online, please follow these instructions: 

Sign In to TurboTax Online
Click "Take Me to my Return"
Click "Federal" from the left side of your screen
Scroll down to "Less Common Income" and click "Show More"
Click "Start" to the right of "Gambling Winnings" and click "Yes"
From here TurboTax will walk you through entering your Gambling Winnings, with or without a Form W2G
As you walk through this section, you will also be asked about your Gambling Losses

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xmasbaby0

Level 15

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

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

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

mtillinghastAuthor

Level 2

Thank you! Appreciate your answer.

RachelW33

Answer

Alumni - Expert

To enter your Gambling Winnings and Losses in TurboTax Online, please follow these instructions: 

Sign In to TurboTax Online
Click "Take Me to my Return"
Click "Federal" from the left side of your screen
Scroll down to "Less Common Income" and click "Show More"
Click "Start" to the right of "Gambling Winnings" and click "Yes"
From here TurboTax will walk you through entering your Gambling Winnings, with or without a Form W2G
As you walk through this section, you will also be asked about your Gambling Losses