I live in the state of Oklahoma and am trying to use TurboTax Home and Business 2024 for the tax return.
During 2024, I had $563,478 in Gambling Winnings and $557,042 in gambling losses. After including W-2 wages, other income sources and other Schedule A deductions Turbotax Home and Business calculates Form 1040 line 11 “Adjusted Gross Income” to be $580,015 and line 15 “Taxable Income” as $19,493.
The problem is that TurboTax Home and Business populates Oklahoma Residential Income Tax Return form 511 line 1 “Federal adjusted gross income (from Federal 1040) as being $580,015. There is no line item on Oklahoma Subtractions “Schedule 511-A” to account for gambling losses. Consequently, Turbo tax calculates a Oklahoma due of $26,176 TAX
There appears to be no work around in Turbo tax since Turbo Tax Home & Business will not accommodate using Schedule 1 2024 by reporting Gambling winnings on line 8b and reporting losses as a negative number on line Z and referencing the appropriate IRS revenue procedure.
In summary I wasted $100 on Turbotax Home and Business 2024 unless I’m overlooking something.
Any help is appreciated
