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northjerseydevil
Returning Member

W2G and Win/loss calculations

So I had 9 W2Gs and I added up my winnings and put that total into the box.  I read you can do that if all the EINs are the same. All were from the same online casino.

 

My "winnings" end up being around 20,000 (as per the 9 W2Gs added up), but when I pull up my win/loss statement it shows these numbers: (estimated, not exact)

 

Cash

- 62000

Results

66000

 

Win/Loss

3300

 

I sure as hell didn't gamble 62k of my own money, so do what do I put as my losses in TT? I'm also confused about that 20000 number from the W2Gs. Did I do something wrong?

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3 Replies
JamesG1
Employee Tax Expert

W2G and Win/loss calculations

Do you question the numbers reported on the W-2G's or the win/loss statement that you received?

 

If so, contact the provider to clarify the reported gambling income and gambling loss.

 

Are you saying that the gambling statement is reporting a gain or loss?  Please advise.

 

Gambling winnings are reported on line 8b of 2022 1040 Schedule 1 Additional Income and Adjustments to Income.

 

Gambling losses are reported on line 16 of 2022 1040 Schedule A Itemized DeductionsSchedule A Itemized Deductions is not used if you claim a standard deduction on your 2022 1040 tax return.

 

Follow these steps to report both income and losses in TurboTax Online:

 

  • Down the left side of the screen, click on Federal.
  • Down the left side of the screen, click on Wages & Income.
  • Scroll down to Less Common Income.  Click Show more.
  • Click Start / Revisit  to the right of Gambling Winnings.

See this TurboTax Help.

 

[Edited 4/16/2023 | 2:16pm PST]

 

@northjerseydevil 

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northjerseydevil
Returning Member

W2G and Win/loss calculations

I don't understand any of the numbers. 

 

It is unclear how I am supposed to report this. 

 

End of the day I did not end with 20,000 dollars in my pocket, or even that entire amount at one time. I had some ups and downs here and there. I may have had 20,000 in wins, but I definitely spent a lot of that back on gambling.  

 

My win/loss statement seems to imply I am in the positive for 3300 (I think?). So does that mean I can deduct ~17000?

LindaS5247
Employee Tax Expert

W2G and Win/loss calculations

You can not deduct more losses than what you won.  If you believe your W2-G numbers are inaccurate you should question them.  If you do not understand them you should have them explain them to you.

 

Here's where you enter Form W-2G (Certain Gambling Winnings) in TurboTax:

  • Open or continue your return in TurboTax, if you aren't already in it.
  • Search for W2G (don't include any hyphens) and select the Jump to link in the search results.
  • Answer Yes on the Did you win money or other prizes in 2022?

After you've finished entering all of your gambling winnings, we'll ask about any losses you may have had. Losses can be deducted up to the amount you reported winning, but only if you itemize.


Click here for additional information on paying taxes on gambling winnings and losses.

 

If this does not help please feel free to come back to TurboTax Community with additional details or questions or click here for information on Turbo Tax Support.  You can connect with a Live TurboTax Agent and share your screen.
 

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