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raynard-wallace
New Member

Where do I enter gambling losses?

 
3 Replies
DoninGA
Level 15

Where do I enter gambling losses?

Gambling winnings and losses are entered in the same section of the program.  Using the TurboTax online editions you will need the Deluxe edition to enter gambling winnings and losses. 

Gambling losses can only be deducted up to the amount of the gambling winnings.  Gambling winnings are reported on Form 1040 Line 21 as Miscellaneous 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

rpatel14
Level 1

Where do I enter gambling losses?

This step does not give options to enter gambling losses. This is only to enter W-2 G

DoninGA
Level 15

Where do I enter gambling losses?


@rpatel14 wrote:

This step does not give options to enter gambling losses. This is only to enter W-2 G


Gambling losses are entered after you have completed the entry of the gambling winnings in the same section.

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