Itemized deduction on gambling loss

[Mike9241]

gambling losses are only deductible to the extent of gambling gains and are reported on schedule A line 16 other deductions. to be of any use your itemized deductions must exceed your standard deduction.  

[MinhT1]

Gambling losses do not reduce your gambling winnings dollar for dollar. Gambling winnings are added to your taxable income while gambling losses (limited to the amount of your gambling winnings) can only be claimed as an itemized deduction on Schedule A.

If the total of your itemized deductions including the gambling losses do not exceed your standard deduction (or will only increase your itemized deductions by an amount less than the losses themselves), then you do not have the full benefit of the losses on your tax.

[gounaris9767]

where in turbotax can I add my gambling losses to offset my W2-G winnings

[VolvoGirl]

It is very hard now to get to deduct losses.  You can't deduct it directly from the winnings.  The winnings will still show up as income.  You can only deduct gambling losses up to the amount of your winnings if you itemize deductions on Schedule A.  Gambling losses go on schedule A line 28 and are not subject to the 2% threshold.

Gambling Losses are an itemized deduction and you need to itemize on schedule A to use them.  So if your Standard Deduction is more they won't be used.  And since the Standard Deduction has increased a lot more people will be taking the Standard Deduction.

Can I Deduct gambling losses?

https://ttlc.intuit.com/community/credits-and-deductions/help/can-i-deduct-my-gambling-losses/00/258...

The easiest way to get to the W-2G screen is to search for  W2G in your TurboTax program. (Use this exact search term even if you didn't lose any money gambling.)

Then, click the gambling losses link in the search results. You'll come to a screen, Tell Us About Your Winnings, where you can start working on your W-2G forms.

OR Go to

Federal Taxes

Wages and Income

Scroll way down to the end - Less Common Income  (show more)

Gambling Winnings - Click the Start or Revisit button and follow the screens

To enter the losses keep going.  After it asks about your winnings and you click DONE  on the Summary Screen then it asks if you have any other gambling winnings not reported on a W2G.  After that screen it will ask for losses.