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tbayer01
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Where do gambling losses get surtracted?

 
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Where do gambling losses get surtracted?

Gambling losses can only be deducted up to the amount of the gambling winnings.  Gambling winnings are reported on Form 1040 Schedule 1 on Line 21 as Other Income.  Gambling Losses are reported on Form 1040 Schedule A as a Miscellaneous itemized deduction.  Gambling losses are not a one-for-one reduction in winnings.  Your total itemized deductions reported on Form 1040 Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.

To enter, edit or delete Gambling Winnings and Losses -

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Wages and Income (Personal Income using Home and Business)
  • Click on I'll choose what I work on (if shown)
  • Scroll down to Less Common Income
  • On Gambling Winnings, click the start or update button

Or enter gambling winnings on w-2g in the Search box in the upper right of the program screen.  Click on Jump to gambling winnings on w-2g

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2 Replies

Where do gambling losses get surtracted?

Gambling losses can only be deducted up to the amount of the gambling winnings.  Gambling winnings are reported on Form 1040 Schedule 1 on Line 21 as Other Income.  Gambling Losses are reported on Form 1040 Schedule A as a Miscellaneous itemized deduction.  Gambling losses are not a one-for-one reduction in winnings.  Your total itemized deductions reported on Form 1040 Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.

To enter, edit or delete Gambling Winnings and Losses -

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Wages and Income (Personal Income using Home and Business)
  • Click on I'll choose what I work on (if shown)
  • Scroll down to Less Common Income
  • On Gambling Winnings, click the start or update button

Or enter gambling winnings on w-2g in the Search box in the upper right of the program screen.  Click on Jump to gambling winnings on w-2g

Where do gambling losses get surtracted?

State tax treatment may be different.
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