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Am I suppose to take my gambling losses for 2023 and subtract my winnings and then enter that number in the box?

I won $1579.66 in gambling winnings in 2023 and my losses for 2023 was $5334.36. I am not sure the number I need to enter in the box.
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3 Replies

Am I suppose to take my gambling losses for 2023 and subtract my winnings and then enter that number in the box?

the only way to take gambling loss is by itemizing, and puting the loss on Schedule A, but no more than the gains.

@katsuma2003- 

Am I suppose to take my gambling losses for 2023 and subtract my winnings and then enter that number in the box?

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/

 

https://ttlc.intuit.com/questions/1900352-can-i-deduct-my-gambling-losses

 

 

 

 

 

2023 STANDARD DEDUCTION AMOUNTS

 

SINGLE $13,850  (65 or older/legally blind + $1850)

 

MARRIED FILING SEPARATELY $13,850  (65 or older/legally blind + $1500)

 

MARRIED FILING JOINTLY $27,700  (65+/legally blind) )  + $1500 per spouse

 

HEAD OF HOUSEHOLD  $20,800 (65 or older/blind)  + $1850)

 

 

 

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
Hal_Al
Level 15

Am I suppose to take my gambling losses for 2023 and subtract my winnings and then enter that number in the box?

Enter 1579.66.  TurboTax won't let you enter more.  Your deduction is limited to your winnings.

 

If you normally use the standards deduction, you will not, most likely, get any deduction. The full $1580 will be taxable. 

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