If you itemize deductions (Schedule A), you may claim gambling losses up to your gambling winnings. For example, if you spent $1000 at the casino but only won $200, you'll only be able to claim a gambling loss of $200.
TurboTax prompts you to enter your gambling losses after you enter your gambling winnings. (If you're working online, you'll need to upgrade to TurboTax Deluxe or higher to report gambling winnings and losses.)
To enter your gambling winnings and losses in TurboTax:
- Continue your return in TurboTax Online. (If your return isn't open, you'll need to sign in and click Take me to my return.)
- Click Tax Tools (lower left side of your screen).
- Underneath Tax Tools select Tools.
- In the pop-up window, select Topic Search.
- In the I'm looking for: box, type w2-g.
- In the results box, highlight w2-g, then click GO.
- Follow the onscreen instructions. During the gambling income interview, TurboTax will ask you to enter your gambling losses. (Click the screenshot below for reference.) Note: This screen comes up after you enter your gambling winnings.
Note: If using the TurboTax CD/Download software, you'll use the Find function and the "Jump to" link (instead of "Tax Tools") to search for the topic.
Can I deduct my gambling losses? https://ttlc.intuit.com/replies/3301128
[Edited 04.13.2018 I 03:05PM PDT]
