Solved: If you have a W2-G and you want to claim your gambling losses, do you have to meet the standard deduction before claiming the losses?
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If you have a W2-G and you want to claim your gambling losses, do you have to meet the standard deduction before claiming the losses?

 
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If you have a W2-G and you want to claim your gambling losses, do you have to meet the standard deduction before claiming the losses?

Yes, you do.  Gambling losses are an itemized deduction, so they will not have any effect unless your itemized deductions exceed your standard deduction.


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


2018 Standard Deductions:

Single   $12,000  (+ $1600 65 or older)

Married Filing Separately    $12,000  (+ $1300 65 or older)

Married Filing Jointly  $24,000  (+ $1300 each spouse 65 or older)

Head of Household  $18,000  (+ $1600 65 or older)


**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.**

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Level 15

If you have a W2-G and you want to claim your gambling losses, do you have to meet the standard deduction before claiming the losses?

Yes, you do.  Gambling losses are an itemized deduction, so they will not have any effect unless your itemized deductions exceed your standard deduction.


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


2018 Standard Deductions:

Single   $12,000  (+ $1600 65 or older)

Married Filing Separately    $12,000  (+ $1300 65 or older)

Married Filing Jointly  $24,000  (+ $1300 each spouse 65 or older)

Head of Household  $18,000  (+ $1600 65 or older)


**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.**

View solution in original post

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