whre do i deduct gambling losses

[kristinacook284]

where do i input gambling losses

[LenaH]

Once you enter your W-2G, you will be prompted to enter your gambling losses. Losses can be deducted up to the amount you reported winning, but only if you itemize. For more information, click here. 

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

1. Open or continue your return.
2. Locate the W-2G section:
   • TurboTax Online/Mobile: Go to W-2G.
   • TurboTax Desktop: Search for W2G (don't include any hyphens) and select the Jump to link.
3. Answer Yes on the Did you win money or other prizes in 2024? screen and follow the instructions to e...

[xmasbaby0]

Gambling

To enter the W-2G  or other documents For your Gambling winnings--Go to Federal>Wages & Income>Less Common Income>Gambling Winnings

You can enter your winnings, and then keep clicking through the interview to enter gambling losses.

https://www.irs.gov/help/ita/how-do-i-claim-my-gambling-winnings-and-or-losses

Gambling winnings are taxable income.  Losses are an itemized deduction.  If you do not have enough itemized deductions to exceed your standard deduction, your losses will have no effect.

https://blog.turbotax.intuit.com/income-and-investments/how-are-gambling-winnings-taxed-8891/

2024 STANDARD DEDUCTION AMOUNTS

SINGLE $14,600    (65 or older/legally blind + $1950)

MARRIED FILING SEPARATELY    $14,600    (65 or older/legally blind + $1550)

MARRIED FILING JOINTLY $29,200    (65 or older/legally blind + $1550)

HEAD OF HOUSEHOLD $21,900    (65 or older/legally blind + $1950)